Student Loan Debt: Breaking the bank for college graduates - News, Weather, Sports, Toledo, OH

Student Loan Debt: Breaking the bank for college graduates

(Source: WTOL) (Source: WTOL)
(Source: WTOL) (Source: WTOL)
  • Special ReportsMore>>

  • In the air: Just how germy are those hand dryers in public bathrooms?

    In the air: Just how germy are those hand dryers in public bathrooms?

    Monday, June 25 2018 5:45 PM EDT2018-06-25 21:45:19 GMT
    You probably do it without any thought, put your hands under the dryer after washing your hands at a public restroom. Have you every thought about what exactly is being blown onto your hands? Think about it, every time you flush, fecal bacteria may be shooting up into the air. In a recent national study, scientists say from there, it goes into the hand dryer and onto your hands.  "Just wash my hands, put them under there. Don't really give it no thought," Toledo resid...More >>
    You probably do it without any thought, put your hands under the dryer after washing your hands at a public restroom. Have you every thought about what exactly is being blown onto your hands? Think about it, every time you flush, fecal bacteria may be shooting up into the air. In a recent national study, scientists say from there, it goes into the hand dryer and onto your hands.  "Just wash my hands, put them under there. Don't really give it no thought," Toledo resid...More >>
  • The path to a debt-free education? Save early and often

    The path to a debt-free education? Save early and often

    Friday, June 15 2018 6:10 PM EDT2018-06-15 22:10:31 GMT

    Jonathan Sagaser is one of millions of American parents working to send his kids to college. "We had the inspiration to do it early on," he says. Jon and his wife own Sebastiano's Italian restaurant in South Toledo. Their three children, age six, four and two spend a lot of time there as the couple sometimes works 60 to 80 hours a week as small business owners. They plan to pay for half of each of their children's education. "I guess we just want to give them a little b...

    More >>

    Jonathan Sagaser is one of millions of American parents working to send his kids to college. "We had the inspiration to do it early on," he says. Jon and his wife own Sebastiano's Italian restaurant in South Toledo. Their three children, age six, four and two spend a lot of time there as the couple sometimes works 60 to 80 hours a week as small business owners. They plan to pay for half of each of their children's education. "I guess we just want to give them a little b...

    More >>
  • Day tripping: Have an adventure without busting your budget

    Day tripping: Have an adventure without busting your budget

    Tuesday, June 12 2018 10:40 AM EDT2018-06-12 14:40:18 GMT
    (Source: WTOL)(Source: WTOL)

    We're all familiar with our fantastic metroparks, the Toledo Zoo and the Toledo Museum of Art. We have our staples, but if you're up for an adventure this summer, and need to watch your wallet, you need ideas and advice. “The more you can be out and about doing things, the less time they're spending in front of a tablet or a TV,” said Jen Sherwin.  Between nieces and nephews, babysitting, and her own child, Sherwin has finding things to do down to a science.

    More >>

    We're all familiar with our fantastic metroparks, the Toledo Zoo and the Toledo Museum of Art. We have our staples, but if you're up for an adventure this summer, and need to watch your wallet, you need ideas and advice. “The more you can be out and about doing things, the less time they're spending in front of a tablet or a TV,” said Jen Sherwin.  Between nieces and nephews, babysitting, and her own child, Sherwin has finding things to do down to a science.

    More >>
(WTOL) -

Getting an education is breaking the bank for many college graduates.

This time of year many high school seniors are celebrating their graduations, gearing up for life as a college coed. But the expense of that education is leaving students saddled with debt. 

The average graduate will end up with around $30,000 in student loan debt, and with interest the total amount graduates have to repay could be double that.  

"It doesn't actually hit you until you have to start paying it back," said former UT student Jordan Halsey. 

So, it's likely no surprise that many graduates are finding it difficult to pay. According to the Department of Education, the average student loan default rate, that's the percentage of graduates who can't pay their loans, is at just under 12 percent. 

Halsey says he didn't get much help from the university when it came to finding a job, and he struggled after graduation. 

"A lot of uncertainty, certainly regret, thinking that I made a really, really bad decision of taking out that much loans that really isn't going to help me in the long run," said Halsey.  

WTOL 11's Emily Nelson analyzed the student loan default rates for the colleges and universities here in Northwest Ohio and found default rates for both BGSU and UT fall below the national average. At Tiffin University, however, nearly 25 percent of graduates can't pay their loans. These rates are also a predictor of how difficult it could be to find a job after graduation. 

"It's something that we're constantly looking and seeing what we can do," said Sherry Jiannuzzi, assistant director of loans at UT.   

The financial aid department at Tiffin University declined a request for an interview.

"The last time we checked we had about 69 percent that were borrowing from the federal programs," said Jiannuzzi.   

She says UT is working to educate students on responsible borrowing, and it's in the school's best interest. If a college or university's student loan default rate gets too high, students might not be able to get any loans at all. 

"The other problem with the default rate as it gets into the 30s, like you were saying, is you run the risk of losing federal funds for your students all together," said Jiannuzzi.  

That means students would likely need to rely on costly private loans, scholarships or self-funding. 

But it's not just where you decide to attend school that impacts your ability to pay, what you major in matters too. Those graduating with art or education degrees tend to have lower incomes and unemployment rates, while those with nursing and engineering degrees see better job placement with higher than average starting salaries. 

"My advice would be actually get some practical work experience before you commit to taking out those loans," said Halsey. 

After graduating from UT with a business degree, Halsey says he had trouble finding work. He also realized he lacked passion for his chosen profession. 

"And the pay that was starting at those positions was much lower than I expected," said Halsey. 

He went back to school to get a master's degree in social work through a work/study program that allowed him to get on-the-job training. He's now paying student loans for a degree he'll likely never use. He says he hopes others will learn from his mistakes.  

"Think about what position you are going to have to help you pay that back," said Halsey. 

The U.S. Senate recently introduced a bill that would reduce tuition at in-state universities by 5 percent. There's also new income-based programs to help students pay back those student loans.  

Follow WTOL:  

Download our app here

Copyright 2016 WTOL. All rights reserved.

  • Headlines from Lucas, Wood, Ottawa, Fulton & Monroe CountiesNewsMore>>

  • All lanes closed on US 6 in Williams County due to three-vehicle crash

    All lanes closed on US 6 in Williams County due to three-vehicle crash

    Wednesday, July 18 2018 11:53 PM EDT2018-07-19 03:53:23 GMT
    (Source: RNN)(Source: RNN)

    Troopers say all lanes of travel on US 6 near County Road 23  have been closed due to a three-vehicle and will remain closed for at least two hours.  

    More >>

    Troopers say all lanes of travel on US 6 near County Road 23  have been closed due to a three-vehicle and will remain closed for at least two hours.  

    More >>
  • Inside the Oregon Water Treatment Plant

    Inside the Oregon Water Treatment Plant

    Wednesday, July 18 2018 11:03 PM EDT2018-07-19 03:03:49 GMT
    (Source: WTOL)(Source: WTOL)
    (Source: WTOL)(Source: WTOL)

    The City of Oregon is touting new improvements to its water treatment facility. The brand new technology is making sure residents continue to get clean water.

    More >>

    The City of Oregon is touting new improvements to its water treatment facility. The brand new technology is making sure residents continue to get clean water.

    More >>
  • breaking

    One person taken to hospital after central Toledo shooting

    One person taken to hospital after central Toledo shooting

    Wednesday, July 18 2018 10:38 PM EDT2018-07-19 02:38:48 GMT
    (Source: WTOL)(Source: WTOL)

    The shooting happened on Clemente Trace near Collingwood around 9:30 p.m. TPD are still on scene. 

    More >>

    The shooting happened on Clemente Trace near Collingwood around 9:30 p.m. TPD are still on scene. 

    More >>
Powered by Frankly