Although college degree holders usually earn more money than those with lower levels of education, college students often have problems finding these high-paying jobs after graduation. Many better-paying jobs require applicants to have prior experience, so it could be a few years until you’re eligible for those positions. Unfortunately, you will still be expected to repay your student loans, even if your dream job is a couple years away.
The cost of a sound tertiary level education is increasing rapidly, which has led to an increase in the growth of the private loan industry, as families try to fill the gap between how much they can afford out of pocket and the cost of obtaining a college education. Here are 5 things your bank isn’t telling you about student loans:
I am yet to meet anyone who does finish college without the sword of Damocles’ hanging over their heads – the dreaded college debt(s) over the heads. It is exciting to finish after years of study and to finally enter the workforce in your chosen profession (and we are not talking flipping burgers that got you though college in the first place. Suddenly you may have a wage so that those 30cent noodles may become a thing of the past.
Government Student Loan Consolidation is an initiative of federal government with sole objective of helping out the students in reducing their multiple debts. It helps the students to repay government student loans at reduced interest rate and at lower monthly installments, which can be easily repaid by the students. Continue reading
In the world of student loans, there are two categories: federal and private. Although both are similar financial options meant to serve the same purpose in funding your post-secondary education, they are in essence very different. So different, in fact, that in most cases they cannot be consolidated together into one single consolidation loan.
Due in part to the tremendous amount of student loan debt and also to the sluggish economy which is struggling to support it, the number of banks and financial lenders currently willing to undertake the risk of offering private student loan consolidations is extremely low. There is hope that new and future legislation will alleviate some of the financial stress on the part of the borrower and therefore ease lender trepidation, possibly opening up more opportunities, but as of now students are left with very few options for educational loan consolidations. This is a list of the more reputable lenders who still offer the program.
A Student Loan usually refers to the amount given as a loan to a student for pursuing his higher studies. These loans are given at lower interest rates compared to other types of loans. Consolidation of Student loans is generally passed through the government. Most of the times these loans are accompanied by special grants for the students, which are not to be paid back. Continue reading