KUNM

student loans

Kalsom Cheman via Wikimedia Commons / Creative Commons License

Let's Talk New Mexico 5/17 8a: Call now 277-5866. People in the U.S. owe more money on student loans than they do on credit cards. And that student loan debt can follow you around for decades. How are you or your kids deciding whether to borrow money for college? Are you a recent graduate with student loan debt? What does that mean for you right now? Have you been making payments on a student loan? How's that going? We'd like to hear from you. Email letstalk@kunm.org, tweet #LetsTalkNM or call in live during the show. 

Photo: thisisbossi via Flickr

New Mexico has the highest student loan default rate in the nation and a lack of local loan servicing providers may be to blame. We went from a 12.8 percent student loan default rate in 2009 to a 20.8 percent rate in 2011.

credit: Nic McPhee / Creative Commons

With college graduation right around the corner some New Mexico lawmakers are drawing attention to a bill in Congress that would allow people to refinance their old student loans with the federal government for lower interest rates.

So far 32 lawmakers have signed onto the measure, including New Mexico’s Senator Martin Heinrich, who says the government shouldn’t be in the business of predatory lending.

“I don’t think we should be financing our government operations by charging high interest rates to student loans,” Heinrich said.