College Debt Buries some Texans
Posted March 20, 2015
Amid rising college cost, the country is seeing a surge in student debt and delinquency rates. The combination, lawmakers and policy experts say, has led to a new kind of debt crisis-one that could become a long term threat to the economy.
The effects have been wide ranging: record numbers of students are returning home as they delay economic and personal decisions, from buying homes to getting married. Many say they are also reconsidering their career prospects. Experts are concerned that the crisis will widen demographic gaps on college campuses, as minority students and those from lower income families face tougher choices to access funding.
The UT Arlington center, which was created in 2012, is the campuse's answer to federal mandates to colleges and universities to offer more financial literacy for students.
In February 2015 an Austin Community, task force gathered on campus to discuss a new strategy against the student loan crisis: installing a default prevention plan. The effort is part of a six year state directed pilot program to reverse surging default rates. Eleven schools are taking part, including ACC and Tarrant County College inconjuction with the Texas Higher Education Coordinating Board, students will be tracked on their payback plans as they receive heavy doses of finanical literacy counseling ,including face to face meetings.
It shows the need for students to understand there is a lot more than the core class work to understand about college today.
Reporter Claudia Grisales -Austin American Statesman