Tough job market making it difficult to pay back student loans
11/17/2010
By Credit.com Staff
Many people who recently made their way into the real world have found it difficult to pay back the thousands of dollars worth of student loan payments they have waiting for them, according to a report from Miami television station WFOR. Some are blaming the job market, made tougher by the continued high national unemployment rate, for their problems in finding a position that will pay them enough to allow them to begin cutting into their loans.
The good news for recent college graduates who are having trouble becoming financially independent is that interest rates for so-called need-based federal loans will drop to 3.4 percent next year, the report said. This means that those who have the toughest time paying their bills will also have to worry less about mounting costs.
Many colleges allow students to defer their loan payments for six months after they graduate, but those who earned their degrees in May are about to see those grace periods expire.
