Loan Debt Management

Loan Debt Management

$6,096 is the average loan indebtedness of a Sandburg student.


Borrowing money for college has long-term financial implications. Like any other debt a student loan is a serious financial obligation that must be repaid. In addition to the principle amount borrowed, interest is charged for the use of the funds. The principle amount plus interest charged, divided by the repayment period determines the amount of the monthly payments after leaving school. Failure to make monthly payments on time can affect your credit rating and your ability to borrow for other purposes, such as a car or a house.


To determine a manageable amount of indebtedness after graduation, students should consider their expected starting salary earning prospects and lifestyle, and then estimate their anticipated level of debt.


Consumer credit experts estimate that total commercial debt should not exceed 8% of the students annual income. A student who borrows $10,000 can anticipate monthly payments of approximately $121 for ten years.


Alternatives to loans which students may want to consider are employment tighter budgeting, living at home rather than an apartment alternating semesters of study with semesters of work, or using the colleges deferred tuition payment plan.


Detailed Information about Your Loans
You can view how much you have borrowed to date at the Department of Education website following this link:


For more information about student loans and repayment calculators and options visit the Department of Education website at


Consequences of default
If you default:

  • We will require you to immediately repay the entire unpaid amount of your loan.
  • We may sue you, take all or part of your federal and state tax refunds and other federal or state payments, and/or garnish your wages so that your employer is required to send us part of your salary to pay off your loan.
  • We will require you to pay reasonable collection fees and costs, plus court costs and attorney fees.
  • You may be denied a professional license.
  • You will lose eligibility for other federal student aid and assistance under most federal benefit programs.
  • You will lose eligibility for loan deferments.
  • We will report your default to national consumer reporting agencies (credit bureaus).

 Exit Counseling

All students are required to complete Exit Counseling before they withdraw, graduate, or drop below half-time attendance even if they plan to transfer to another school. Exit counseling helps the student understand their rights and responsibilities as a student loan borrower and provides useful tips and information to help manage student loan debt.  Choose the following link to begin Exit Counseling: