College Student Debt

Attending college can earn you a degree, but it can also be very costly. It takes the average college graduate ten years to pay back their borrowed college tuition. I've read up on many options for you if you're sinking in the college debt boat.

There are three options for your debt. They are consolidation, a repayment plan or loan forgiveness. I will begin to explain how to go about consolidating your student loans. You must remember that private loans and federal loans must be kept separate. They can't be consolidated together. Consolidation is when you have many loans that are lumped together into one payment. This may be a good option for you. The grace period that students usually get after graduation usually isn't enough time which is usually about six months. Many college graduates go with consolidation.

People find repayment plans helpful as well. With Lenders they might be willing to help you by offering you a nice payment plan option. You can negotiate by budgeting. Let lenders know how much you are able and willing to pay monthly. When considering a repayment plan you should keep a record, communicate with the lender, look for ways to increase your ability to pay and to take advantage of the abudance of free expert assistance that you can call upon to help you deal with your student debt. You can also contact a financial advisor at the school that you've graduated from.

Loan forgiveness. You can qualify for loan forgiveness through government programs such as teaching in disadvantaged areas, disability, volunteering for Vista, volunteering for the Peacecorp, military service, medicine, law or fraud.

One thing that you shouldn't do is default on your student loans. If your loans become delinquent then you can risk your credit score being affected negatively. Good luck!