College grads facing debt urged to seek help
Thousands of college students are graduating this month, and according to federal statistics, nearly 60 percent of them will have loans to pay off.
T.C. McCarthy, of Babylon, graduated college a few weeks ago and already banks are sending him notices about his $49,000 education loan. He says his computer repair work is barely enough to make the minimum payments on what he owes.
"The worst step you can do is ignore the bill and say it's going to go away," says Michael Turner, of the New York State Higher Education Services Corporation.
Turner says graduates can reduce their monthly payments through special programs such as consolidation loans, graduated payment plans, or basing payments on income.