Facing student loan debt? You aren’t alone. According to Consumer Reports’ most recent article on student debt, it’s estimated that Americans owe more than $900 billion in federal and private loans, which could have “potentially crippling ramifications for the U.S. economy.”
But it’s not all doom and gloom for borrowers. Consumer Reports offers these 7 tips for paying off federal student loans:
1. Find out how much you owe and to what lenders.
2. Choose a repayment option.
3. Explore options if you can’t afford payments.
4. Consider jobs or volunteer programs that qualify for deferment or forgiveness.
5. Consider loan consolidation.
6. Think twice about going back to school to avoid unemployment.
7. Contact your lender immediately if you can’t pay.
For more details or for tips on how to avoid borrowing for college, read the full article at www.consumerreports.org/cro/magazine/2012/04/student-debt-grows-to-alarming-levels/index.htm.