When student loans are your best bet, here’s what you need to know
Loan officers in Florida are getting paid more than they used to because of the nation’s ballooning student debt.
The average loan officer in Florida now earns more than $60,000, a jump of nearly $2,000 since the recession, the Associated Press reported Thursday.
The paychecks for all state loan officers has risen by nearly $300,000 in the past decade.
That money is being spent on loans and fees that are supposed to help students with higher education, such as loans to attend private schools and tuition waivers for attending colleges and universities.
The AP report said the money is also being spent to pay for things such as housing and rent, as well as student debt payments.
It’s not just the loan officers that are making more.
Student loan officers in Ohio have been making more than twice as much in 2016 than they did in 2016, the AP reported.
In Florida, they’ve made about $18,000 more per year than they were in 2016.
In 2017, the Florida Department of Education estimated that the average loan to be repaid by students who attend Florida community colleges, private colleges and university was $25,000.
That was up $8,500 from the previous year.
The department also said the average student loan was $19,000 at the end of the year.
That’s an increase of nearly 30 percent from the average of $19.70 in 2016 and a huge increase from the $19 a year in the previous fiscal year.
It means that for a typical student in Florida, that debt will add $5,600 to his or her monthly payments this year.
While the AP’s data isn’t precise, it suggests that the increase in loans to loan officers is a result of more people going to college.
That’s because of rising enrollment, and the AP also reported that students in Florida have more choices for colleges, such in the financial aid industry.
For the second straight year, Florida was the top-paying state for students attending community colleges.
Florida students were the highest paying in the country, with an average of more than 1,000 percent.
Florida also ranked third in the nation in the percentage of students earning Pell grants, which go to low-income students who pay into the college system.