Loan, Mortgage and Cash Advance >> Consolidate Student Loan

Loans are of many types and meant for various purposes. But there are some loans that enable you to build a firm and secure future for yourself. They are student loans. Across the nation, college graduates cherish high aspirations and big dreams. However, within this huddle of dreams and aspirations, many students overlook one crucial factor. Very few students think or plan seriously about the financial aspect. They hardly give a thought as to how they are going to handle their student loans.

Student loan trends

• In 2002, the average public school student left college with $17,000 in student loan debt, and the average private school student left college with $21,200 in student loan debt.
  
  
• In 2001, the average undergraduate student carried a credit card balance of $2,327 and the average loan and credit card debt for graduate students in 2001 was $20,402, according to a leading provider of student loans.

With undergraduate student loan debt steadily increasing in the last few years, the US Department of Education and other higher-education institutions have contracted with private collection agencies to collect overdue student loans.


Financial aid or a student loan covers the education costs that you can't pay for. Most financial aid is awarded to families on the basis of eligibility or need, which is determined by the school you attend. This is based on the information you provide about you and your family's ability to pay for your education and formulae set by law for a student loan.

Just as students prepare for a career, they should also prepare to pay off their student loans. The following tips from ACA International can help students pay off their loans in a timely manner:

• Save: Well before graduation, open an extra savings account for student loan money only. Decide how much money you can afford to put away each month and stick to it. Just think- during four years of schooling, if you put away just $30 every month, by the end of college you will have almost $1,500 saved for your student loans.
  
  
• Budget: Many college graduates exceed their cost of living. Therefore, ACA suggests developing a budget and sticking to it. Determine what bills have to get paid (i.e. student loans, rent) and then calculate what you have left over for savings and additional expenses (i.e. cable).
  

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