Jane Lynch Sings about Student Loans
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UPDATED: Jul 19, 2012
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Actress Jane Lynch, star of the hit series Glee, has formed a new nonprofit organization designed to help educate students, prospective students and families learn about college financing.
Lynch’s new organization is aptly named the National College Finance Center, or NCFC for short.
“There are billions of dollars owed by people that are over 60 years old. It follows you through life. So it’s a really important decision you make as you’re about to go to college,” said Lynch in a CBS News interview.
The NCFC website offers state-specific information on scholarships, grants and loans. The site also offers information on the various ways to pay off student loans.
“It’s a terrific resource for research and finding the best student loan for you, so you can avoid majoring in debt,” said Lynch.
Lynch is no stranger to educating others about debt as she is part of the New York Public Interest Research Group’s Don’t Major in Debt campaign. Like many student borrowers, Lynch herself has used student loans to fund her college education at a public college.
However, unlike most student borrowers, Lynch was able to pay off her debt by the time she turned 30.e
According to the Federal Reserve Bank of New York the average student loan balance for borrowers under 30 is $20,000. Unfortunately, paying off student loans debt by 30—as Lynch did—is a dream for many borrowers. Private loans maintain high interest rates along with fees for late or missed payments. The brutal job market is highly competitive thanks to countless out-of-work Americans. New and recent graduates are often unemployed and still carrying their student loans debt.
“I have nieces and nephews who have either graduated from college or are in college saddled with this terrific amount of debt in their early business lives and it can cripple them financially,” said Lynch. “So we launched the site and you can get all this information on how to deal with the debt and which products are best for you, so you go into this with your eyes wide open.”