Obama extends student loans for Georgia State students

Last Update: Nov. 3 at 5:21 p.m.

President Barack Obama has stretched his student loan debt program to relieve previous Georgia State University students from their federal loan burdens.

If you attended Georgia State and have compiled $10,000 or more in federal loan debt, you may be able to qualify, according to Consumer Money Advocate.

With the cost of attending college increasing each year, a majority of Georgia State students turn to financial aid, including the federal student loan program.

However, since students have to payback their loans plus interest, it is not uncommon for them to rack up thousands of dollars in debt by the time they graduate.

“We do have students that are impacted by student loan debt here at Georgia State University,” Georgia State Director of Financial Aid Louis Scott said.

Georgia State Director of Student Accounts Charmaine D. Daniels said she believes Obama’s program can be beneficial to students, because it encourages them to be well-informed about their financial choices.

“Limits on monthly payment amounts can help them [Georgia State students] more effectively budget for their loan repayments and avoid going into default,” Daniels said.

Daniels also said the program will forgive the remaining debt for those who borrowed money after July 1, 2014.

She said this type of loan forgiveness is only available for those who have paid their monthly debt for 20 years, and public service workers will have their remaining debt forgiven after just 10 years.

“It can be a bit intimidating dealing with loan repayment, so having a clear plan to repay loans can help encourage students to make informed choices about funding their education,” she said.

Georgia State sophomore Ronald Williams worries about how his student loans will affect his future.

“I worry about how I’m gonna pay my loan provider when I graduate. I owe about $14,000 right now,” Williams said.

Owing thousands in student loans can deprive graduates from several things, including saving for retirement. Student loan debts are also rarely ever dismissed, even if one files for bankruptcy, according to a Consumer Money Advocate article.

However, Obama’s new student loan program could provide students like Williams with another option to pay back their debt.

“I feel like I would be less rushed and stressed maybe,” Williams said about Obama extending his student loan program. “It offers students another option.”