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The stress of paying loans after graduating college

UTEP’s financial aid office assists incoming underclassmen and upperclassmen with their financial aid. Photo courtesy of Creative Commons

Walking across the stage with your diploma in hand and family congratulating you is a highlight in life for so many, yet it does not take away the debt many of these students need to pay back after graduating. During their time in college, many students of UTEP do not receive enough grants or any money from financial aid, leading to them taking out loans. With the stress of finding a job after graduation and being able to pay back this debt creates a heavy weight on UTEP students.  

UTEP’s financial aid office assists incoming underclassmen and upperclassmen with their financial aid. Graduating seniors are required to fill out the Federal Exit Counseling, create a personal budget, and choose a repayment plan. Through this, students are meant to follow through with this process.  

“For 2022-2023, 34 percent of all undergraduates enrolled in either fall or spring and who applied for financial aid,” UTEP Financial Aid said. 

This rate may seem low to many; however, this is low because of how many students choose not to fill out the financial aid application because they do not receive financial assistance. The money piles on every time a student takes out a loan.  

Freshman Alex Valles who is majoring in nursing, is one of the many underclassmen who take out loans to pay towards their own higher education.  

“Hopefully by the time I graduate, I’ll have a job within the major I’m currently studying in order to pay back the loans that I had to take out this semester as well as last,” Valles said. “I am kind of iffy though, if I’ll be able to pay it back, because it’s just a lot of money, and I know I don’t have to pay it yet, but it’s still a constant stressor that’s on my mind quite often.”  

Students are expected to pay back their loans within 10 years but are given a six-month grace period to figure out how to receive or find the funds they need to pay back like looking for a job. If students do n’t meet these deadlines, they must call the loan servicer to protect their credit score. 

“I know later on in the future I’m going to have a lot more expenses that I’m going to need to pay, and school being one of them is insanely stressful even now,” Valles said.

The recent graduates are not only bombarded with the pressure of finding a job but also having to scavenge for money to pay back the loans that burden them.  

Though the span of time provided, it gives students leeway, as the thousands of dollars taken out takes time to save up.  

However, the span of time may not be enough for these students to pay back due to other priorities they have to tend to. 

Depending on if the student finds a job and can save up that money, provide for their housing, food, and other human responsibilities, loans are just another burden added to these students.  

Graduating is a main focus for UTEP seniors. They should be able to enjoy their time trying to find a career in their proper field and situate their life rather than stressing over their large amounts of debt or risks of not being able to meet those payments.  

For more information contact the UTEP financial aid office at [email protected] or at (915) 747-5204. 

Avery Escamilla-Wendell is the staff reporter and may be reached at [email protected] or on Instagram @by_avery_escamilla.

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About the Contributor
Avery Escamilla-Wendell
Avery Escamilla-Wendell, Arts & Culture Editor
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The stress of paying loans after graduating college