DES MOINES, Iowa Nearly one quarter of Iowa CU members are carrying student loan debt, and of those 24% said they are not on track to pay it back.
The findings are part of a survey released by the Iowa Credit Union League, which found that of the 936 people surveyed with student loan debt, 25% said they owe between $10,000 and $20,000, with 38% saying they owe more than $30,000.
In a statement released with the survey, the Iowa league urged high schools students and those considering college to rethink how much they plan to borrow “very carefully.” “It is easy to get caught up in finding the perfect college experience,” said Emily Caropreso, director of communications and marketing for the ICUL. “However, students should investigate the long-term ramifications. In the long run, it may be wiser to choose a less expensive option or work part-time in order to borrow less.”
The league noted that falling behind on student loans payments can be “very costly” in terms of an individual’s credit.
