More money loaned, more problems for college students - KAIT Jonesboro, AR - Region 8 News, weather, sports

More money loaned, more problems for college students

JONESBORO, AR (KAIT) – When it comes to student loans, more and more college students are taking out more than they need. According to a recent study, the average college student who took out loans owed an average of 26- thousand dollars. Most of it goes towards tuition and books, but for a lot of students, a big chunk of that money goes to other things.

"The rest of it I'm going to use for gas, because I travel back and forth," said student Stacey Knight.

Some students said they use their extra loan money to pay certain bills.

"I use it to pay for my car insurance and bills, because I need my vehicle to go to my internship," said student Ashley Middleton.  

For student, Ashley Willis, after an irresponsible freshman year, she's now using some of her loan money to pay off other debts.  

"I use some of it for maxed out credit cards or something," said Willis. "I'll pay those off or I'll put some back for rent."

Willis's friend, Summer Jackson, handled her extra loan money a little differently. She puts her extra loan money into a savings account to pay off her loans after graduation.

"Definitely gives me a little more comfort knowing that in six months after I graduate, that I will have something to start with," said Jackson.

Chancellor of Student Affairs, Dr. Rick Stripling, said they really stress the importance of only taking out what you need.

"The core of our discussion with the students are about the true expenses," said Stripling. "True expenses are when you're paying for tuition, paying for fees and cost of living."

Copyright 2013 KAIT. All rights reserved.

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