Average Student Loans After College

UNDERSTANDING WHAT IS A STUDENT LOAN

UNDERSTANDING WHAT IS A STUDENT LOAN

We all know that a student loan is defined as an educational loan with the purpose of financial aid that is to be repaid with interests. These educational loans are usually broke down into three categories. The categories consist of private loans (also known as an alternate loan), regular loans (consist of the Perkins and Stafford loans), and parent loans ( consider as PLUS loans). But, there is also a fourth loan procedure known as the consolidation loan process. This loan option allow the person in need of a loan to lump all of their existing loans into a single payment.

THE REASON TO OBTAIN A STUDENT LOAN

With college tuition at an all time high there are very few students able to afford to attend college without some form of financial assistance. Most grants and scholarships do not cover an entire college tuition, so students must apply for loans. As of the 2011-2012 school year the average fees and tuition for a state resident student at a public college had an estimated value of $9,000. That same rate for an out of state student to attend that same public college had an estimated value of $19,000. And, for a student to attend a private college had an estimated value of $28,000. These numbers alone are enough to push a potential student to apply for loans just to further their education.

THE AVERAGE STUDENT LOAN

The average loan varies, because of many factors. Including school, degree program, credit hours, on campus living vs. commuter, etc. Studies show that recent college seniors that graduated last year left school borrowing at least $27,000 in student loans. That number is an example from a state resident student at a public college. I can only imagine how high that number would be from an out of state student attending that same public college, let alone a student attending a private college/university.

Now the question is, WHO NEED HELP WITH LOANS REPAYMENTS? If your hand is not raised at this moment I'm surely proud of you.

PAYING OFF LOANS

With unemployment still high and the job market still in a crisis, it is becoming a trend for recent college graduates leaving college not being able to obtain employment. So now in today's society a recent college graduate will start their post college life with an average debt of $27,000. So before a college graduate ever receive his/her first check from employment they are already in debt. This bring forth stress when other living expense's have to be calculated into their already enormous debt. This is a burden that no one want to face, but many do.

YOUR LOAN REPAYMENT OPTIONS

Now there is plenty information out for people looking to get out of student loan debt quicker then it was projected. If that person is you make sure you take time and research ways to get out of student loan debt .

I hope this information was valuable.

by: Jeremy Blackmon

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