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.

  • Heartland NewsMore>>

  • Fisk woman killed in house fire

    Saturday, May 26 2018 11:56 AM EDT2018-05-26 15:56:52 GMT
    A Fisk woman was killed in a house fire. (Source: Raycom Media)A Fisk woman was killed in a house fire. (Source: Raycom Media)
    A Fisk woman was killed in a house fire. (Source: Raycom Media)A Fisk woman was killed in a house fire. (Source: Raycom Media)

    A woman died in a house fire on Friday, May 25 in Fisk.

    A woman died in a house fire on Friday, May 25 in Fisk.

  • First Alert: Showers and storms possible this weekend

    First Alert: Showers and storms possible this weekend

    Saturday, May 26 2018 9:45 AM EDT2018-05-26 13:45:16 GMT
    (Source: KFVS)(Source: KFVS)

    There is a chance for isolated showers/storms to develop especially in our southeastern half of the Heartland.

    There is a chance for isolated showers/storms to develop especially in our southeastern half of the Heartland.

  • Teacher, SIU alum shot three times in Indiana school shooting

    Teacher, SIU alum shot three times in Indiana school shooting

    Friday, May 25 2018 10:45 PM EDT2018-05-26 02:45:54 GMT
    A teacher who went to SIU in Carbondale was shot three times charging an active shooter at an Indiana school on Friday, May 25, according to SIU.  (SIU Athletics, Facebook)A teacher who went to SIU in Carbondale was shot three times charging an active shooter at an Indiana school on Friday, May 25, according to SIU.  (SIU Athletics, Facebook)

    A teacher who went to SIU in Carbondale was shot three times charging an active shooter at an Indiana school on Friday, May 25, according to SIU. 

    A teacher who went to SIU in Carbondale was shot three times charging an active shooter at an Indiana school on Friday, May 25, according to SIU. 

  • Trending StoriesTrending StoriesMore>>

  • Police release body cam footage of I-95 shooting death

    Police release body cam footage of I-95 shooting death

    Friday, May 25 2018 11:21 PM EDT2018-05-26 03:21:37 GMT
    Marcus-David Peters was shot and killed by a Richmond police officer on Monday, May 14. (Source: Richmond Police Department)Marcus-David Peters was shot and killed by a Richmond police officer on Monday, May 14. (Source: Richmond Police Department)

    The Richmond Police Department released body camera and surveillance camera footage on Friday of the shooting death of Marcus-David Peters.

    The Richmond Police Department released body camera and surveillance camera footage on Friday of the shooting death of Marcus-David Peters.

  • 'In lieu of flowers, kill a drug dealer': Mother pens brutally honest obituary after son's suicide

    'In lieu of flowers, kill a drug dealer': Mother pens brutally honest obituary after son's suicide

    Friday, May 25 2018 8:57 PM EDT2018-05-26 00:57:08 GMT

    It's every mother's worst nightmare. On Thursday, April 12, Shawn Winkler shot himself in the head in the garage of his Leland family home. He died three days later at 30 years old.

    It's every mother's worst nightmare. On Thursday, April 12, Shawn Winkler shot himself in the head in the garage of his Leland family home. He died three days later at 30 years old.

  • Water moccasin invades home, puts family into action

    Water moccasin invades home, puts family into action

    Friday, May 25 2018 2:57 PM EDT2018-05-25 18:57:52 GMT
    This water moccasin entered a family's home. (Photo courtesy Krystal King)This water moccasin entered a family's home. (Photo courtesy Krystal King)

    An unwelcome visitor was cause for some tense moments and quick action in the King household Saturday morning. Krystal King says it was about 7 a.m. when Stephen, her oldest son, came into his parents' room to notify them about the "big snake in the bathroom."

    An unwelcome visitor was cause for some tense moments and quick action in the King household Saturday morning. Krystal King says it was about 7 a.m. when Stephen, her oldest son, came into his parents' room to notify them about the "big snake in the bathroom."

Powered by Frankly