Local college rids loan program - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Local college rids loan program

Next semester-students at Rend Lake College will no longer have access to a vital financial aid program, government backed student loans. Next semester-students at Rend Lake College will no longer have access to a vital financial aid program, government backed student loans.
Students at several local colleges now have to come up with a different way to pay for class. Students at several local colleges now have to come up with a different way to pay for class.
The government threatened to take away grant money, like PELL Grants, if the college didn't address the problem. The government threatened to take away grant money, like PELL Grants, if the college didn't address the problem.
INA, IL (KFVS) -

Students at several local colleges now have to come up with a different way to pay for class.

They were able to get government backed student loans, but that's changing because many of their classmates aren't repaying those loans.

Next semester-students at Rend Lake College will no longer have access to a vital financial aid program, government backed student loans.

"We really took into consideration the effect that it was going to have on our students and we want to make the transition as smoothly and as easy as possible for the students," says the schools financial advisor Cheri Rushing.

Instead, Alternative Loan Programs will be provided.

The difference, students will apply for loans through private banks, rather than the federal government.

"It will be different for the students, but the loans are still there," she says.

The problem, repayments, students who graduated are not able to pay back their loans in time, putting pressure on colleges.

The government threatened to take away grant money, like PELL Grants, if the college didn't address the problem.

Something some students say would drastically effect their decision to go to college in the first place.

"I think even with the qualifications with loans changing, it would be ten times harder to get any kind of financial support without a PELL grant," says a student, Whitney Sanders.

While interest rates vary depending on the banks, the change will mostly affect people with low credit scores or those who don't have a co-signer.

"Paying out of pocket is not really an option so if I couldn't get the loans, I wouldn't be able to get to school," says a student, JR Myers

"I probably wouldn't be going to college at all if it wasn't for student loans," says Sanders.

Copyright 2013 KFVS. All rights reserved.

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