Monday, April 6, 2009

Getting Help Paying Off Student Debt

Post By: Dana Sunderlin

One of the most important loans an individual will ever receive is a student loan. Through student loans, college students are able to attend universities around the world, preparing for a career and successful life. Without student loans, many students would never have the option to attend college. Scholarships are only available to a small number of college students and the cost of a college education is increasing dramatically every year. Unfortunately, many students take on debt before they have the necessary knowledge to make wise financial decisions. Fortunately, there is help available to keep student debts manageable.

College is the most expensive period of time in most students' lives. As of late 2007, the total cost of a year of college, including room and board, was over $32,000 in private universities and nearly $14,000 in public schools. This was a 6.3% increase from the prior year, and costs are expected to keep rising. Most students and their families are not in a position to pay this expense out of pocket. One way to keep student loans manageable is to be aware of scholarship and grant opportunities that a student might qualify for. Reducing the expense to the student is a great way to keep debt from becoming a problem later in life.

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