College seniors are gearing up for May graduation, and for many that means they only have six months to find a job before payments on their student loans begin.
A recent report from the National Federal Reserve Bank of New York shows that loan debt now stands at more than 900 billion dollars. More adults are also more than 90 days delinquent in payments according to the release.
The stack of bills for a graduating college senior usually piles up around this time every May.
"It's a difficult time for them," says David Williamson.
David Willamson is USM's director of financial aid.
"Not only are they worried about final exams, graduating and finding a career, then they have the worry of my loans are going into repayment," says Williamson.
According to the Federal Reserve Bank of New York, student loan debt now stands at 966 billion dollars. That's an increase of 10 billion dollars from the last quarter.
Williamson says that's because the cost of education continues to rise.
"A lot more students are having to borrow student loans."
Cassidi Bush is one of those students.
"I'm nervous about paying it back," says Bush.
Bush says she had to take out five-thousand dollars for her last semester in school.
"Even though its five-thousand dollars, I'm terrified because it's five-thousand dollars I don't have."
Williamson says some students are shocked at the amount they've taken out over the course of college. He says that can be avoided.
"As they take out the loans they need to keep track of them."
For anyone who has a questions about their student loans, Williamson says the Department of Education's website can answer most of them.
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