By Patrick Baron
BLOOMINGTON – A survey from Country Financial indicates half of Illinois students say loans play a large role in determining whether or not they pursue higher education.
Approximately half of the students who took the survey said loans were a factor in their decision to not finish their college education, while others said they didn’t continue continue their education after high school because the thought of taking on student debt turned them away. Country Financial spokesperson Matt Potts says as the costs of college have risen over the last two decades, so have student loan debts.
“Compared to 20 years ago, the amount of debt needed to take on a college education has gotten a lot worse,” Potts explained. “And that’s because the education costs keep increasing and the high interest rates involved with the student loans.”
Potts suggested seeking out scholarships or attending classes at a community college to help alleviate the pressure of student loans. He also said for someone who dreads the idea of taking out loans, it’s never too early to start saving.
“One of the things we suggest is to set those financial goals early, well before attending college to start saving up money and work on that debt management,” said Potts.
Potts also said to consider the non-tuition expenses when looking at potential colleges.
Patrick Baron can be reached at patrick.baron@cumulus.com.
