WKU students react to student loan freeze
BOWLING GREEN, Ky. (WBKO) - If you’re a student, you’ll now have more time to get your loans paid back.
President Joe Biden signed an executive order to extend the federal loan freeze until September 30th--one of 17 executive actions his first day. The benefit originally expired on January 31, 2021.
13 News visited the hill to ask Western Kentucky University students how the deferral affects them.
“I do worry about them because my mom’s older. She’s in her 60′s, so she really should be retiring soon but instead, she’s going to have to keep working to help me pay off my loans,” says freshman student Kacey Everhard.
Another WKU student finishing his junior year says, “I’m thankful they’ve put the extension on not having to pay them right now, it’s kind of hard to do that right now while being a full time college student.”
The junior, Gabriel Drake, says the reality is starting to hit him.
“I am a little bit worried about when I graduate how it’s going to be a strain at first when I’m trying to get established on my own.”
According to the Federal Reserve, the average college debt collection among students in the United States is around $30,000 in loans per student.
“We’re kind of just paying a little bit at a time on it as we go on but I think that will actually help us a lot,” says another student Jacob Morgan.
The pause only applies to federally held student loans. With the extension underway, there’s a push to do more. During Biden’s campaign he called for cancelling ten thousand per borrower.
“I don’t really have much time to get a job and I don’t want to graduate college with a bunch of debt. I want to be able to focus on my education and focus on starting my career and my life without having to worry about financial burdens,” explains WKU student Hannah Kabrick.
Borrowers won’t have to make payments until October 1 at the earliest. You can find more information on the deferral on the Federal Student Aid website.
13 News will keep you up to date on the latest changes to student loans.
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