Students pay trillions of dollars in loan debt, bank instructor says

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PAC will host two additional financial aid sessions in November.

By Richard Montemayor

sac-ranger@alamo.edu

Student loans are the second-highest source of debt in the United States behind mortgages, Samantha Salazar, a financial education instructor with Generations Federal Credit Union, said Monday at Palo Alto College.

She said students will have to pay trillions of dollars in student debt, which surpasses credit-card debt nationwide.

David Rodriguez, a financial education manager, also spoke at the financial lecture.

“Generations is doing this because it’s important for the community to be informed and educated on how to best take care of their money,” he said.

Founded in 1940 in San Antonio, Generations has grown to have more than 46,600 members and is the fifth largest credit union in San Antonio with 14 locations. Salazar said that Generations has 10 scholarships worth $1,000 each for students attending college in the 2015 – 2016 semester.

She said the scholarships require students to have a GPA of 3.0 or higher, two letters of recommendation and a 500-word essay that addresses this topic: “How would you lead a movement in your community for a good cause that is important to you?”

The deadline for applications is 5 p.m. May 1, 2015, and the winners will be announced by June 1, 2015. For more information on the scholarships, visit mygenfcu.org/scholarships. Generations will have two more hour-long financial literacy sessions Nov 17 and Nov. 24 in Room 130 of the Student Center at Palo Alto.

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