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Student Loan Debt Crimps Graduates' Style

[Jun 13, 2007.]

 

While a college education is undoubtedly a wise investment in this competitive marketplace, a number of college graduates are finding that their student loan bills are crimping their style.

A survey of more than 1,500 college graduates by Mathew Greenwald Associates shows that paying back student loans in the 21 st century can be a real burden. The poll showed that, because of their student loan bills, 44 percent of graduates had to delay purchasing a home…28 percent decided to delay having children…27 percent opted against medical or dental procedures…and 32 percent either stayed or moved back into their parents' homes.

However, not all the news about student loans is so discouraging. In fact, it is entirely possible to manage student loan debt effectively—if you're willing to exercise a bit of discipline.

Your first step is to find out the balance, interest rate, and payment requirements for each educational loan you have. The average college student will have somewhere between five and seven outstanding loans at graduation time. Fortunately, keeping track of federal loans is simpler than ever, thanks to the World Wide Web. By clicking onto the National Student Loan Data System website, you can access all your government student loan and grant information.

Also, you should be aware of the fact that the majority of loans, both government and private, can have payment deferment for the first six months following graduation. In addition, make sure you have updated contact information for your lenders since, in many cases, student loans are sold by one lender to another. Without the proper contact information, you may have trouble repaying your loans.

You may also want to investigate loan consolidation, especially if you feel as if you have too many loans to handle. By combining your loans, you may also be able to reduce your monthly payments.

Julie Ann Amos
June 13th 2007
More Information:


  • Debt Consolidation - What Are The Options?
    Having a lot of debt is not uncommon today, and for many, it seems that knowing how to get out of debt is just about as uncommon, too. If you have a lot of debt and want to find some relief, there are a number of options that may be available to you.

  • Need To Consolidate Your Debt? - Get A Personal Loan?
    When you find that the monthly payments you make on your debts are getting to be more than you can handle - it is time to do something about it. Or, if you are having late charges being added because you simply are not getting paid enough - or at a time convenient to make the payments.


Recent Student Loan News

  • Repayment Options Abound for Those Consolidating Student Loans This Year
    College graduates who choose to consolidate their student loans this year have a number of repayment options from which to choose. The sheer variety can be mind-boggling to the uninitiated. [June 11th 2007]

  • Student Loan Consolidation an Attractive Option This Summer
    Financial experts are saying that student loan consolidation may be an attractive option in summer 2007. In case you're unaware of what's involved, here's how it works [June 1st 2007]

  • Spring Cleaning Includes Student Finances
    Now that spring is officially in bloom, students heading to college have a perfect opportunity to do some "spring cleaning" when it comes to their finances. This is particularly important for college freshmen, who must weigh their financial options carefully before beginning classes.

  • The Latest News on Freeing Yourself from Student Debt
    Now that tax season is officially over, many Americans are taking stock of their finances once again. That includes the nation's college students, who face particular financial challenges in 2007. [May 10th 2007]

  • Universities Opt to Stop Sharing in Student Loan Profits
    A number of universities are signing codes of conduct promising that they will not agree to revenue-sharing with student loan companies. The educational institutions have also pledged not to accept any gifts, meals, or trips from lenders. [May 9th 2007]

 

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