Student Loan Debt Sets Record Doubling Since Recession

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Student Loan Debt Sets Record Doubling Since Recession

Student Loan Debt Sets Record Doubling Since Recession

The student debt level has doubled to more than $675 billion since the recession ended in June 2009.  Student loans distributed in 2012 have defaulted quicker than any loan group since the financial crunch.

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How to Help with Student Debt

BEFORE COLLEGE

▪Start saving early! Money from Birthdays, Odd Jobs, Etc can all earn interest and add up over time.

▪Do Your Best in High School! This will help when applying for scholarships.

▪Apply for as many scholarships as you can. Check with your high school and research online for scholarship opportunities.

▪Research college options and costs. Would a community college be more beneficial with the possibility to transfer?

DURING & AFTER COLLEGE

▪Create a budget and plan spending strategies.  Do you really need those expensive shoes?

▪Avoid Credit Cards.

▪Work Part Time. Even working a few days a week can help.

▪Reduce your costs as much as possible. Buy used textbooks, or purchase digital books

▪Look into Loan Forgiveness Programs. There are specific requirements and commonly available for nonprofit settings, teachers, or public service type jobs.  

▪Make more than the minimum payment as soon as possible. Don’t wait for the grace period to end.