Students Taking Out More Loans Than Ever

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Decatur - While many people are trying to reduce debt, the number of people paying student loans are on the rise.  According to the Federal Reserve (2010), nearly 1 in 5 households had outstanding student debt or loans in deferment.

Millikin's Director of Financial Aid, Cheryl Howerton, told WAND News the increase can attributed to several things.

"Institutions have had to increase tuition.  Additionally, the economy has been having issues.  People lost jobs.  They had to go to the student loans to help supplement what they couldn't pay out of pocket," Howerton said.

For students in Illinois, with MAP grants being harder to come by, Howerton said,"students are having to go to, not only the federal loans, but they may also be looking now to an alternative loan to help supplement where maybe the map grant would have helped them in the past."

Students like Tanner Lovett of Clinton have had to find ways to adjust.

"By the time I graduated I had more than $50,000 dollars and my wife had the same thing when she graduated in 2011," Lovett said.

Lovett and Howerton both offered tips on how to cut down your debt.

"Work hard, work a lot," said Lovett.

"Being able to make maybe two or three thousand in the summer, between those terms, can really make an impact on not having to borrow as much," said Howerton.

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