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About 'education loan debt'|On The Student Loan Debt Bubble; and the Great College Education Scam







About 'education loan debt'|On The Student Loan Debt Bubble; and the Great College Education Scam








Walking               across               the               stage               at               graduation,               receiving               my               college               diploma               was               one               of               the               best               feelings               I've               ever               had.

I               set               a               goal,               and               through               all               the               hardships               and               doubtful               days,               I               accomplished               what               I               set               out               to               achieve.

I               was               about               to               embark               on               a               new               journey               which               would               allow               me               to               start               my               career.

This               was               an               exciting               time               in               my               life               and               I               couldn't               be               happier.

Will               the               debt               ever               be               worth               it?
               What               I               didn't               realize               was               how               hard               it               would               actually               be               after               graduation.

The               country               was               in               a               terrible               recession               and               people               who               had               been               in               their               careers               for               as               long               as               30               years               were               being               laid               off.

I               began               to               wonder               if               all               my               hard               work               in               college               and               all               the               money               spent               would               ever               pay               off.

Graduating               in               the               middle               of               a               recession               doesn't               lead               to               many               job               opportunities.

I               found               myself               tending               bar               again               and               applying               for               jobs               every               free               second               I               had.

I               applied               to               hundreds               of               jobs               and               did               not               see               much               response.

With               the               student               loan               debt               piling               up,               I               began               to               worry               that               my               loan               was               not               worth               it.

While               the               thought               of               going               back               to               school               crossed               my               mind,               I               decided               I               did               not               want               to               be               stuck               with               more               student               loan               debt               and               no               way               to               pay               it               off               once               again.
               I               quickly               realized               that               taking               out               my               student               loans               would               be               worth               it               one               day               and               I               just               needed               to               continue               sending               out               my               resume               and               eventually               my               persistence               would               pay               off.

During               this               time               I               decided               that               it               would               be               easier               to               defer               my               loans               if               I               could.

I               contacted               Direct               Loans               and               Sallie               Mae               which               were               the               two               providers               I               received               my               loans               from               and               they               were               able               to               help.

They               told               me               to               fill               out               an               'Economic               Hardship               Deferment               Form'               and               they               would               let               me               know               if               I               qualified.

According               to               the               studentaid.gov               website,               a               deferment               is               defined               as               a               temporary               suspension               of               loan               payments               for               specific               situations               (i.e.

reenrollment               in               school,               unemployment,               or               economic               hardship).

Depending               on               what               type               of               loan               you               have               will               determine               whether               you               will               have               to               pay               the               interest               during               the               time               of               deferment               or               not.

For               more               information               on               what               type               of               loan               you               have,               or               to               learn               more               information               about               a               specific               deferment               type,               visit               http://studentaid.ed.gov.
               More               Money               vs.

Starting               Your               Career
               While               there               are               many               jobs               that               you               can               make               a               good               living               off               of,               they               may               not               be               related               to               your               career               field.

In               fact,               you               may               have               been               able               to               skip               college               and               the               hassle               of               student               loans               all               together.
               After               graduation               when               I               realized               I               would               be               tending               bar               again,               I               felt               as               though               I               went               to               school               for               nothing.

Just               to               continue               doing               the               job               I               did               in               college.

The               realization               that               I               was               paying               on               student               loans               I               wasn't               even               using               was               a               hard               concept               to               except.

This               is               when               I               decided               to               take               a               pay               cut               in               order               to               start               my               career.

Being               a               determined               person               and               an               eager               college               graduate,               I               knew               that               this               would               be               hard,               however,               I               wanted               to               get               my               foot               in               the               door               and               get               my               career               going.

I               am               lucky               enough               to               be               in               a               situation               where               I               do               not               have               a               rent               or               mortgage               payment,               however,               working               just               to               pay               off               your               student               loans               gets               frustrating               at               times.

This               is               when               we,               as               graduates               of               the               recession,               have               to               suck               up               our               pride               and               either               move               back               in               with               Mom               &               Dad               or               get               a               second               job.

This               has               classified               us               in               what               I               like               to               call,               the               "Boomerang               Generation".

You               throw               us               out               in               to               the               world,               and               we               just               come               right               back               home.

Although               I               made               the               decision               to               take               a               pay               cut               in               order               to               get               my               career               started,               not               everyone               has               that               option.

If               you               can               handle               a               second               job,               that               might               work               better               for               you.

However,               don't               feel               pressure               to               take               the               first               job               opportunity               that               comes               along.

Make               sure               it               is               right               for               you,               even               if               it               may               not               be               exactly               what               you're               looking               to               do.
               Consolidate               Your               Loans
               One               thing               I               learned               through               the               process               of               paying               back               my               loans               is               that               if               you               can               consolidate               your               loans,               you               should               do               it.

I               had               two               federal               loans               and               one               private               loan               and               I               was               able               to               consolidate               my               two               federal               loans.

This               helped               tremendously               when               it               came               time               to               make               my               monthly               payments.

Instead               of               having               three               separate               payments               each               month,               I               only               had               two.

According               to               studentloanconsolidator.com,               you               will               lose               your               federal               loan               benefits               if               you               consolidate               your               federal               loans               into               a               private               loan               consolidation.

Consult               your               student               loan               provider(s)               before               making               this               decision.

They               will               be               able               to               guide               you               to               the               decision               that               best               suits               you.
               Don't               Take               Out               More               Than               You               Need
               Looking               back               at               the               beginning               of               my               college               career,               I               realize               that               if               I               did               not               have               guidance               from               my               parents               about               how               big               of               a               loan               to               take               out,               what               kind               of               loans               to               take               out,               and               when               it               is               unnecessary               to               take               out               a               loan,               I               would               have               had               even               more               debt               than               I               do               now.

Many               young               college               students               do               not               realize               that               the               loans               they               take               out               during               college               will               add               up               quick               and               after               graduation               you               may               find               yourself               regretting               taking               out               that               extra               $2,000               "just               in               case"               or               extra               money               to               make               your               car               payment.

One               thing               my               Dad               taught               me               through               the               loan               process               was               to               never               take               out               more               than               I               needed               to.

This               was               a               valuable               lesson               learned               as               I               watched               a               number               of               my               friends               take               out               extra               money               just               so               they               could               pay               for               non-education               expenses.

While               I               was               wishing               I               could               take               out               more               money               to               help               me               through               the               "broke               college               days",               their               debt               was               piling               up.

Although               you               may               struggle               more               by               just               taking               out               what               you               need               to               cover               education               costs,               you'll               be               better               off               after               college               when               you               know               you're               just               paying               off               your               education               rather               than               your               car,               apartment,               and               interest               on               that               round               of               shots               you               bought               junior               year.
               So               yes,               we               may               be               the               "Boomerang               Generation",               but               our               turn               will               come.

In               the               mean               time,               take               a               little               bit               of               the               load               off               by               deferring               and               consolidating               any               of               the               loans               you               are               able               to.






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    댓글 1개:

    1. Thank you for sharing such great information.
      It is informative, can you help me in finding out more detail on
      Education Loan.

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