Students taking on more loans for higher education

Posted at: 02/15/2013 4:00 PM
Updated at: 02/15/2013 5:28 PM
By: KOB.com staff

Your college education can wind up costing you more a lot more than you think.

Student loan debts are higher than ever, and whether you graduate from college or not those loans can cause you to struggle with nearly every financial decision you make in the future.

"It makes me, almost nauseous to see the undergraduate student loans that people are getting into,” debt attorney Gary Quakenbush said. "Student loans get reported on your credit report, and if it's delinquent it's going to drop your score quite a bit."

And because student loans directly affect your credit score being delinquent or late on your payment will raise interest rates on everything from car loans, mortgages and new credit cards.