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UNT's Student Development VP comments on higher student loan interest rates
DENTON (UNT), Texas -- Dr. Bonita Jacobs, University of North Texas vice president for Student Development, says today's college students are already having serious problems with student loan debt and that matters will only get worse when increases mandated by the Deficit Reduction Act take effect in July. She cites statistics that show 39 percent of all student loan borrowers now graduate with unmanageable debt levels that can give them monthly payments that amount to more than 8 percent of their monthly incomes. She also says the unmanageable debt rate is up to 55 percent for African American graduates with student loans and up to 58 percent for Latino graduates with student loans. Additionally, Dr. Jacobs points out that 71 percent of low income students graduate with debt. Dr. Jacobs' division, Student Development, has established the UNT Student Money Management Center, as a new outreach program that provides workshops, seminars and confidential/personalized money management counseling sessions to prepare students to manage their finances effectively and avoid the pitfalls excessive debt can bring. Congressional passage of the Deficit Reduction Act means the interest rate on federal loans for students will increase from 4.7 percent to 6.8 percent, and the rate on new loans made to parents will jump from 6.1 percent to 8.5 percent. To contact Dr. Jacobs, call 940-565-4909. For more information about the Student Money Management Center contact Paul Goebel at 940-369-7761.
UNT News Service Phone Number: (940) 565-2108
Contact: Roddy Wolper (940) 565-2943
Email: rwolper@unt.edu
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