Drowning In Student Loans
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As college students start the fall semester, millions of graduates (and drop-outs) struggle to pay off a mountain of student loan debt – more than $1 trillion dollars, according to the Student Loan Debt Clock. That’s more than all the credit card debt Americans owe.
College seniors who graduated with student loans in 2010 owed an average of $25,250, according to the latest data from The Project on Student Debt. That’s up five percent from 2009.
And these days, a college degree doesn’t guarantee employment, let alone a good-paying job.
“You don’t realize the seriousness of paying back that loan until you finish school,” said Langdon Bueschel of Seattle, who needed financial aid to attend the University of Washington.
When he graduated in 2008, Bueschel had a degree in English and $12,000 in student loan debt. He has a job designing online advertising, but most of his money goes to living expenses. Because he missed so many payments, his balance now stands at $18,000 and counting.
“I could have been more responsible and paid more quickly,” he admitted, “but sometimes things come up.”
The most recent report from the U.S. Department of Education found that more than 320,000 borrowers had defaulted on their student loans as of September 2010. That is, they were 360 days or more late in making their payments.
You may have options and there’s an easy way to find them. The Student Debt Repayment Assistant on the Consumer Financial Protection Bureau (CFPB) website can help students – and their families – figure out the best repayment options and what to do if they’re behind in their payments.
“We can lead you in the right direction for the there are many options available for graduated students in need give us a call we will provide you with a free evaluation and closing out with a plan that will be beneficial. Call us at 877-698-2733 or fill out the application above and a one of our professional will contact you. As seen on NBC.