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Posts Tagged ‘student loan’

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.

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Funding Education Beyond High School: The Guide to Federal Student Aid is a comprehensive publication on student financial aid from the U.S. Department of Education. Grants, loans, and work-study are three major forms of aid available through the Federal Student Aid office, and this resource provides information about those programs and how to apply for them. Click here to link to the 2010-2011 Guide to Federal Student Aid in English or in Spanish.

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Don’t Be Scammed

US News & World Report recently published an article urging students to “look twice at loan offers” to ascertain whether advice is coming from an unbiased source. 

 

We agree, and hope that students will turn to sites, such as this one, that are run by state agencies, non-profits, the US government, or other organizations that have a vested interest in providing unbiased financial aid information. Such entities do not have ulterior motives and are more likely to provide complete, factual information about available student loans or scholarships.

 

For information on how to avoid scholarship scams, visit the Federal Trade Commission.


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