Sunday, April 5, 2009

Student Loan Payback Strategies

Copied and Pasted by Daniel Powell

But, a recent poll of more than 1,500 college graduates between the ages of 12 and 35 by Mathew Greenwald Associates gives some insight to the challenges faced by college grads as they struggle to pay back their student loans. Because of the burden of such payments, 44 percent said they delayed buying a house, 28 percent postponed having children, 27 percent skipped medical or dental procedures, and 32 percent said their loans forced them to move back into their parents' home or live there longer then they expected.

Students graduating with loans are suddenly thrust into the world of learning about budgeting and debt repayment — something they probably didn't study in school. But there are some steps you can take to make the process of student loan repayment more manageable.

Students graduating with loans to repay are advised to follow these steps:

Know What You Owe: Due to the way college costs are financed, students typically end up with five to seven loans at graduation. Each loan can be for a different amount and carry a different interest rate. You can track down all of your federal student loans at the National Student Loan Data System, whose Web site enables students to access all their federal student loans (Title IV loans and grants such as Stafford Loans, PLUS Loans, Pell Grants, etc). For private loans, you need to contact each lender to get balance, interest rate and payment information.

Here is some good information on how to go about paying back student loans. The original article can be viewed in its entirety HERE.

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