Most U.S. college students graduate with more than a diploma -- they also receive a loan payment plan. Student debt amounts are increasing while jobs for new grads are not plentiful. Before accepting any loans, students should educate themselves.
Only college scholarships, some grants and tuition discounts are free.
College costs have really risen and a four-year degree may cost up to $200,000.
When they graduate, two-thirds of college students will have student debt.
Usually repayment starts six months after graduation.
The monthly payment for $50,000 at 8 percent over 10 years is more than $600 per month.
If you default on your student loan, you may have your wages garnished and tax refund claimed along with ruining your credit.
After graduation, try to limit your debt payments to 10 percent of your pretax. More than this amount of debt payment may be too much to handle.
Private loans usually have a higher interest rate.
Civil engineers can look forward to a starting salary in the $50,000 ballpark.
The information-technology specialist starts out around $40,000, which is about $10,000 more than a teacher.
Try the Web site Payscale for salary information.
Because of their student debt, many college graduates put off buying a first home.
Private and government loan are available for graduate school.
Ten years is the average amount of time it may take to fulfill your student loan obligations.
During the '90s the average debt for a college graduate was $14,000.
The average college debt has increased quite a bit since the '90s.
The percentage of students who sign on for debt payment is on the rise.
Job salary determines your ability to repay your student loan.
Deferring your loan temporarily stops the loan payments while you are in school or having a financial hardship. Although the loan payments stop, the interest may continue to accrue.
Students need to consider, long and hard, how they will be able to pay back the money they borrowed.