Loan debts still a problem among many

HOLYOKE, Mass. (WWLP) - Student loan debt is a growing problem for many families, but many families think higher education is worth every penny.

Holyoke Community College and AVANZA 2 College Program held a college fair Thursday night at Holyoke High School.

Hundreds of students and families were there to learn about 50 area colleges.

Students all had different majors in mind, but one thing in common was their concern about paying for college education.

Graduating from college is many people's dream come true, but the grim reality hits after graduation.

One in five families has an average of $26,000 in student loan debt.

Experts say lower income families take on debts in hopes of finding higher paying jobs, but the combination of higher tuition costs and the recession has made it difficult to pay back the debt.

Joe Paige, financial aid advisor at U-Aspire in Springfield, told 22News “You have to resist the temptation of going to a school just because of the glamour of the name. You have to think about your family and economics.”

Omar Sanchez of Holyoke said his son is currently a junior at Holyoke High School.

He said, “We are shopping around to see what schools have to offer in terms of scholarships. That's really important. That's really how we are going to judge what school my son will maybe be able to go or not.”

But many students say they still believe college education is necessary to find a career they'll love.

Ronald House, senior at Holyoke High School, said, “College motivates me, and I know I'm going to work hard toward paying everything. You just have to be motivated.”

Faith McAuliffe, also a senior at Holyoke High School, said, “I'm scared that I'm not going to be able to pay it off, but it's better to look for the positive and go to college, get through it and get a job than to just think of the negative and not go to college.”

Advisors say families should look into various merit scholarships or awards available through high schools, community organizations and companies before taking out loans with high interest rates.