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  • Student Loan Debt: President Obama's Profit Plan In Motion

    Among students at public colleges and universities, 60 percent of 2008 graduates took out student loans to pay for their education, while only 52 percent of graduates in 1996 did. At private nonprofit schools, 72 percent of graduates financed their undergraduate degrees with student loans, up from 59 percent in 1996. And nearly all graduates of private for-profit colleges in 2008 -- 95 percent -- took out student loans, compared with 77 percent in 1996.

    In some situations it is possible to get student loan debt relief for student loans that are making it hard for families to survive in today's steadily declining economy. Depending on your degree and the job you now hold, you might qualify to have all or some of your student loan forgiven, or at the least find student loan debt relief via student loan consolidation. Below are some of the ways that you can get your student loans forgiven by the government. If the student forgiveness option does not work for you there are other ways to consolidate student loans that may help you as well.

    Students and families would see short-term savings with loan interest based on the government's borrowing cost. As the economy improves, interest rates will rise. Students will be spending more on interest in as early as 2016. Since student loan debt payments will last for decades, the initial savings will be overrun by decades of high interest.

    *If your child excelled in sports, the arts or academics, there may be money offered by the school or other scholarships to help cut the cost of a college education.

    *Change Repayment Routinely - If your financial situation changes and repayment needs to be changed routinely, make sure you use a qualified service to keep everything in order.

    It's possible that you've already attempted to consolidate student loans and gave up out of frustration. The lenders aren't always good about making it easy for students to get through the process. They can leave you sitting on the phone for long periods of time or demand that you fill out a lot of paperwork and provide documentation of information that they clearly already have.

    A direct consolidation loan will have a fixed interest rate for the life of the loan. It is calculated on the average interest rate for the loans entered into consolidation. This rate will never exceed 8.25%.