Over 44 million people in America hold a collective student debt total of $1.28 trillion. The numbers speak for themselves: student debt continues to rise in the U.S. leaving many students financially burdened for years after receiving their diploma.
This information begs the questions: What is the university doing to help its students overcome and deal with student loans?
In order to determine this answer, I interviewed Janet McLaughlin, Associate Director of Financial Aid for Client Services and Special Programs at Pitt’s Office of Admissions and Financial Aid.
The interview
One of the most difficult issues to face in terms of student loan debt is informing students of what exactly that loan, and the debt that follows it, will entail. There are students who are not well-versed in the terms and conditions that apply to loans as it is not something that is normally included in a high school, or even a college, curriculum.
The Office of Admissions wants to combat this. “[Pitt] students who borrow federal loans are required to complete a federal entrance and exit counseling session,” said McLaughlin, in addition, “many of the schools and departments will request a financial aid counselor to speak at various functions on campus.” This, as well as just simply making an appointment with the Office of Admissions and Financial Aid, is another way students can become more familiarized with their finances.
The Office of Admissions and Financial Aid’s website is a very helpful tool for students. McLaughlin noted that students can find more information about financial literacy as well as repayment calculators through the website. Additionally, McLaughlin explained that the Office of Admissions and Financial Aid is also, “currently working on improving and expanding our Financial Literacy program. “
“We try in various ways to get students familiar with the National Student Loan Data System (NSLDS),”, said McLaughlin, “which is the database where students may reference their federal debt, the servicer of their federal loan – along with other information.” McLaughlin recommends this tools for students to best learn about their loans.
In order to stay “on top” of your debt, McLaughlin strongly advises the use of NLSLDS. After logging on, she recommends, “bookmark[ing] the site for easy access.” Once logged in, students can, “monitor their loans carefully and read about the loan before committing to it.”
This website, in McLaughlin’s opinion, “Allows a student to monitor their loan history, to stay current on their servicer and keep track of loan debt.”
Aside from NSLDS, McLaughlin suggests you, “get familiar with interest rates, loan terms, types of loans (ex. Subsidized vs. unsubsidized), etc. before you commit to borrowing.”
Confused by any of the aforementioned terms? Follow what is perhaps McLaughlin’s simplest advice: “Ask questions.”
Going forward
Yes, student loans can be some sort of real-life nightmare. However, as McLaughlin calls attention to, there’s staff at the Office of Admissions and Financial Aid available to help you conquer fears.
While borrowing money can be a tough pill to swallow, getting help is easy. If you have the questions, there are people out there who have the answers.
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