FourFour2 students who are looking to borrow the same amount of money as their college loans to pay for their future say they are worried they will not be able to repay the debt and will have to default on the loans.
They say they cannot pay back the debt on time.
Students say students can’t pay back their college loan debt with a depositThe students have already been asked to pay back about $25,000 worth of their college tuition and fees over the past four years.
They say they have been told they will have no option but to default, because the amount of their loans will be more than they have.
“It is not a guarantee we will be able pay it back,” said one student, who requested his surname not be published for fear of his family being in trouble.
“I can’t see my kids paying the loan back, and it’s just a financial burden for the future.”
In Australia, most people can only borrow the amount they are actually entitled to.
The amount you can borrow is set by your credit score.
But, because most students’ credit scores are low, many students do not have a good credit score and can’t get a loan to pay it off.
The students say they were shocked to learn that they will be required to pay the full amount of the loan over the next four years, even if they had a good score.
“We can’t do it because we don’t have a credit score,” one student said.
“We can do it through our student loan.
We are in a bad position because we have no credit score.”
The students also said they are concerned about the amount that their students’ parents will have access to.
“They can’t come and borrow the extra money,” said another student.
“They have to wait until they get their loan paid off, but it’s a burden for them to pay their own debt, so we won’t be able afford to do it.”
Students say they need a new source of income for their loan repaymentsThe students, who live in Australia and are studying at Australian universities, said they needed a new financial source for their repayments.
The student said he and his friends had already taken out a loan for about $100,000.
“If we had paid it off, we would have paid it back by now,” he said.
“I think it’s really sad that we have to put all our hopes on a new student loan that will not pay off, especially as we are in the middle of a financial crisis.”
Our students are going to be paying for our education, but they will also be paying their debt.
“Topics:education,student-finance,student,finance-and-fraud,student–business-economics-and–lending,debts-and_defaults,housing-industry,student—finance/hurricanes-and/tropics,student,,australiaFirst posted February 08, 2020 17:27:04Contact John McCarthyMore stories from New South Wales