Overall, the Pew analysis revealed that bachelor's degree recipients in 2008 borrowed, on average, 50 percent more in student loans () than bachelor's recipients who graduated in 1996, while students who were awarded an associate's degree in 2008 borrowed more than twice what that their 1996 counterparts did.
One thing is for certain, the bills will come. Students will have to find a way to solve their monthly burden of paying towards their college debt. Student loan services are geared up to help average people find government backed programs to save on the student loan debt problems and ease the financial burden for decades to come.
It is a great life lesson for your child to begin saving for college with their first job. Place the bulk of the money into a college savings fund. Any bit helps. A few hundred will help with books and supplies while a few thousand may cut the first year's tuition costs to a more affordable number for parents. It will at least limit the amount of student loan debt help needed later on. Like any other money borrowing situation, the more you have to make a down payment, the less you will owe over time. Limit interest and save thousands if not tens of thousands over the long-term.
If you don't qualify for one service, there are companies which will continue to pursue other options. Many people would give up or not even be aware that there are other programs or services available. Finding a solution with a company which does not work directly with the Department of Education may not find the best savings for their clients.
If you go through a student loan debt consolidation, you'll basically be taking a number of different loans and turning them into a single one. This single loan will be much larger than the others were separately, but the total amount that you owe generally doesn't actually change. What does change, though, is the number of payments you have to think about in a given month.
Call your student loan consolidation service, to set up a free consultation. Your student loan portfolio will be examined for potential eligibility into federal student loan benefit programs. It is important to understand the loans and their individual options. Depending on your degree and your employment, you may qualify for incredible savings. Income-based programs must be considered prior to consolidation. You should look at the full picture of savings. Don't focus on just the monthly payment amount but also consider the long-term cost.