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  • Student Loan Debt Relief: How Do You Get It?

    The Pew study notes that students in the class of 2008 were more likely to take out college loans than students in the class of 1996, regardless of the type of school they attended. In addition, the amount of money students are borrowing is increasing.

    Many people are asking the question who pays for forgiven student loans? The answer is the public does. While many students who are paying their student loans back feel that there should be no student loan forgiveness, there are many more that do feel it is necessary. Few families can pay back their student loans and still make ends meet or feed their families. There are other options out there however, you can consolidate your student loans to make them easier on you. If you are concerned about your student loans, at least there are a few options available to you; you just have to do your research and be patient and persistent to make it work. There is student loan relief out there, you just have to know where to look for it. At least student loan consolidation is an option.

    Over the next decade, federal student loan debt is set to generate a profit of $185 billion from students and their families as they struggle to pay off their college debt. If the profit remains consistent through 2023, the government's student loan program will meet Fortune magazine's annual list of the world's 500 biggest companies among the top 20. With this summer's rate increase, the profit margin is predicted to go up by more than $700 million.

    *Many communities, churches, businesses and extracurricular activities will have scholarship money each year. If you don't apply you'll never receive.

    There are private companies which will consolidate loans easily as it is they who receive the monthly interest for longer periods of time. Without lowering the total cost of the federal loans, lengthening the term of the loan will put more interest into the lenders pocket.

    Every payment that you have to handle as a part of your routine bills is an opportunity for something to go wrong. If you have five student loans, that could be five times every month where a little distraction or a mental slip could make your payment overdue. Even if you have automatic withdrawal on your accounts, that can mean multiple times a month when you have to worry about whether enough money is in the account to cover what you are going to owe.