MACON, Georgia (41NBC/WMGT) - College kids taking out loans will see their interest rates go up this fall and financial aid advisors at Middle Georgia State College say they're ready to help concerned students.
Student loan interest rates were at 3.4%, on July 1st that number doubled.
Middle Georgia State College is one of thousands where students are impacted, and the school is gearing up to do something about it.
During college summer vacations, students are usually headed back home or hanging out with friends.
Some like Raven Kind are in summer school trying to get ahead.
Raven is one of hundreds of thousands of college students who take out loans each year.
"It kind of makes me feel sad because people really do want to go to school and they can't afford it right now so they need student loans to help them afford it," Kind said.
New numbers came out in a USA TODAY article that shows 265 colleges and universities had a percentage of borrowers who started paying loans in 2009, but defaulted by 2012. Those numbers were higher than the schools' graduation rates.
The two schools that formed Middle Georgia State College:
Macon State and Middle Georgia College - are on that list.
Since they merged, Director of Financial Aid Patricia Simmons says those numbers have improved.
"Since then our graduation rate has tremendously increased," Simmons said. "One of the other things that we're going to be working with as far the students is concerned is making sure the students know there is options out there instead of defaulting."
Options like adjusting loan payments depending on the borrower's salary.
While Simmons says the numbers in the article are accurate, she expects them to change.
"Dr. Marty Van, who is our Vice President for Academic Affairs said this morning our completion rate is more like 28% rather than the numbers that were reported in the article," Simmons said.
To read the full USA TODAY article here: