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Class of '62 Alum elated student loan payments deferred three more months

Nashville. TN - Mary Catherine Baker still remembers her 1962 college graduation like it was yesterday. She also remembers the day she signed up for financial aid, mostly because of her monthly payment reminders.

So, Baker says she was elated to learn on Wednesday that the pause on student loan payments has been extended three more months.

"I want to dance a jig," said Baker. "I've been paying on that degree for six decades, and I never even used it."

Baker graduated with an architecture degree before deciding she really wanted to be a waitress.

Records show that after years of making the minimum payments and an exorbitant interest rate, Baker now owes 40x more today than she did in 1962.

If she triples her monthly payment, the 83-year-old retiree could pay it off in 28 years.

Regardless, Baker says she is going to enjoy her extra three-month reprieve.

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