Myra Rosado
Podcast script
October 26, 2010
Overview:
Hi my name is Myra Rosado and I will be talking about the challenges that some college students
face once they have graduated. Once everyone graduates they will need to start paying back their
school loans this can be hard for some students if they are not prepared. This can be hard for people
because people don’t realize how much of a responsibility it is to pay loans or how much they will
eventually have to pay back which will be a large amount. I will explain the importance of having money
set aside for paying back these loans and also how to ask about deferment options if you are not able to
pay them back right away, another important thing to remember is that some students are just
overestimating what they think they will make once they get a job and they cannot depend on that
because they never know what can happen once they have graduated. I hope this will give some
students a piece of mind knowing that they can be prepared for life after graduation once they have the
responsibility of paying back loans.
Content
The most important thing that students will need to prepare themselves for is having to pay
back all their school loans. One of the safest things that anyone can do now is start saving. Although it is
tough to start saving now it is important to at least have some set aside for the first payment. Be aware
of how much has barrowed and start to save a little towards that amount so that you will have
something to fall back on just in case things don’t turn out the way they were planned after graduation.
More than likely people cannot save for the entire amount of the loan but just having enough for the
first couple of payments can really help.
Many students are not aware that there is a grace period after graduation that can be from 6 to
9 months or more before the first payment is due, the amount of time given depends on the type of
loan. This gives people time to find jobs and really get ready to commit to making payments. If in this
given time someone cannot find employment or just don’t make enough to afford the payments, I have
found some options that people can look into instead of not making payments and messing up their
credit. Some of these options are
Postponing payments through deferment or forbearance programs
eliminating loan through loan cancellation
bankruptcy
Deferment and forbearance programs give people months or years of not having to pay if they
cannot afford to pay or are having financial problems, also if the person has serious health problems.
Loan cancellation can completely get rid of the loans or they will only need to pay back a portion of the
original loan and bankruptcy is a last resort if all else fails. These are just some options that can help but
there are always some types of requirement to be able to get any of this help. People should be aware
of how much they will be making once employed and make sure they are not overestimating what they
will really make, because in the end if people owe more than what they are making they will really
struggle and could really mess up their credit.
When keeping track of loans also remember that there is interest added to every loan so the
original amount that was taken out is not what will be owed once it comes time to make payments.
Everyone should be prepared for the large amount that will be owed once they graduate.
Closing
To conclude this podcast, I would like people to really understand that taking school loans out
must be done responsively, because someday they will have to be repaid and if they will not be making
more than what they owe they can really hurt themselves in the end. Remember to try to start saving,
more than likely no one can save as much as they owe but just having enough to start even if it’s just for
a couple of payments until you can figure out what will happen. I also want people to remember that
most places that loan money are willing to work with them by giving them grace periods or different
payment options, there is always a way to figure these things out so don’t ever feel that there is no help.
For more information on this topic visit, http://www.nolo.com/
I would like to thank you for listening to my podcast I hope that I have been helpful in educating
you on student loans and that some of my examples can help you in the future.
References
Citizens Bank, (2010) Student Loans After Graduation, http://www.citizensbank.com/student-
loans/grace-period.aspx
King, T: Frishberg, I (03,2010) Big Loans, Bigger Problems: A Report on the Sticker Shock of Student
Loans. http://eric.ed.gov/PDFS/ED470027.pdf
Nolo, (2010) Student Loans: Cancellation, Deferment, and Forbearance. http://www.nolo.com/legal-
encyclopedia/article-29791.html