Soaring college tuition plus chronic, high unemployment equals financial disaster for many people here in Illinois. It’s a serious issue for graduates who because of interest and penalties, now owe far more than they originally borrowed.
“Don’t take out private loans,” responded Hannah Moore when asked what her advice would be to college kids today.
Graduating in 2007 from a for-profit college, Hannah Moore owed $124,000 in student loans, and as the recession struck, had trouble finding work. She’s paid more than $60,000 since then, but her debt has grown to $151,000. On the current payment schedule, Moore said she’ll be 57 before the debt is finally settled.