Student loan handling

Copy and pasted by Po-cheng Huang

College debt

By Po-cheng Huang

Most top schools in the U.S. cost about 40,000 dollar per academic year while the average annual income of Americans are about 35,000 dollar. That number is even before living expenses, which means that the parents of the majority of American high school seniors will not be able to afford their children's college tuitions and if the child wish to go to college, he will need to get scholarship from the college or take a student loan, or both. And then that’s the start of the debt rolling life of the vast majority of Americans. According to a guest speaker at a conference I attended, she said that she was finally clear out from all of her debt at age 41 since she graduated from college, not to mention the cost of tuition today is much, much more than what it was 20 years ago. So what should the students do? I think the current U.S. government is coming up with student loans that will be much more “reasonable” than the current ones and those provided from the private sector, but fundamentally, students need to know how to manage their financial positions so that they can get out of debt as soon as possible after they join the workforce.

Reference
http://online.wsj.com/article/SB123817868096759141.html
http://economy.kansascity.com/?q=node/1630
http://www.tradingmarkets.com/.site/news/Stock%20News/2247255/

Key to College Finance: Using Student Loan Correctly

Posted by Shu Zheng

It may seem easy to ignore your mounting student loans and debt while in school, but after graduation it is time to face reality.

Within six months to one year following graduation, those dreaded monthly payments will begin. Many college students and graduates are looking for a solution for their student loan debt.

While borrowers may be having difficulty paying back student loans, there is help. Solutions for paying back student loans are available. "Student loan forgiveness programs are available for students," said Pam Shuffield, financial aid loan officer.

While in college, school loans might be all that some students have for money. Many people take out school loans to pay for college as well as to pay for the expenses that come up while they are at college. Therefore, many people spend the majority of their school loans while they are in college.

Often students do not stop to think about paying back loans until it is upon them. However, there are some important things to think about when taking out student loans and paying them back."Never borrow more than needed," said Shuffield. "Try and use money from part-time jobs and your parents (to help keep) from taking out large amounts."

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