Tuesday, June 18 2013 12:37 PM EDT2013-06-18 16:37:59 GMT
BAYTOWN, TX (KHOU/CBS) - A man who hid in a woman's vehicle attempting to rob her ended up in the hospital when she gave him more of a fight than he bargained for. Dorothy Baker was driving home with herMore >>
Dorothy Baker was willing to protect her two boys from harm at all costs, and things turned out worse for the suspect than for her family.More >>
LSU fans watched on pins and needles from the get go Tuesday afternoon as the Tigers fell behind early in their elimination game at the College World Series. Fans like Thomas Allen, who called in sickMore >>
LSU fans watched on pins and needles from the get go Tuesday afternoon as the Tigers fell behind early in their elimination game at the College World Series.More >>
Wednesday, June 19 2013 12:50 PM EDT2013-06-19 16:50:21 GMT
Investigators are trying to figure out what caused a house fire early Wednesday morning. It sparked at a home in the 700 block of Holt Drive in Baton Rouge around 3:30 a.m. Holt is off Goodwood BoulevardMore >>
A woman and her five children are thankful to have survived a fire that destroyed their home early Wednesday morning. They made it out before firefighters arrived. More >>
Are you trying to figure out how to pay for your child's college tuition? If you're thinking about co-signing on a student loan, there's information that you should know before you sign on the dotted line.
A whopping two-thirds of undergrads now graduate with student loan debt, totaling $1 trillion waiting to be paid back. For the first time ever the student loan default rate now exceeds credit card delinquency rate.
The average interest rate at graduation has increased and unemployment rate is high. The amount of debt increasing each year making makes it even more difficult for students to be able to afford their student loans.
Nowadays if loans are private, more often than not there's more than one signature on the bottom.
"More than 90 percent of new borrowers have a cosigner on their student loan, that's up from less than half before the credit crisis," According to Mark Kantrowitz, of FinAid.org.
So what options do you have if your child defaults and you cosigned? Attorney Ann Margaret Carrozza suggests you contact the lender immediately and ask for an interest rate adjustment deferment. This gives you a temporary reprieve from the payments where the interest does not accumulate or forbearance where the payments are temporarily suspended but the interest still accumulates. No matter what, a default can put a lot of stress on a family.
Experts say families should be sure they've exhausted all federal loan possibilities before taking out a private student loan.
It's usually difficult to get student loans dismissed in bankruptcy court.