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Mounting student loans a 'debt bomb' waiting to explode

22 February 2012, 12:13 pm

It’s a vicious cycle. Many families in this country cannot afford the skyrocketing cost of higher education without student loans. But many graduates cannot find a job and cannot pay off the loans.

Is Student Loan Debt The Next Financial Crisis?

22 February 2012, 11:10 am

The student loan system is in desperate need of reform, as more and more gradutes struggle to find work and pay off their student loans.

Interest on student loans may be deductible

22 February 2012, 10:19 am

YOU CAN CLAIM A DEDUCTION IF ... •Your filing status is any filing status except married filing separately. •No one else is claiming an exemption for you on his or her tax return.

Six-figure jobs without six-figure student loans

22 February 2012, 9:03 am

Finding a high-paying job is a catch-22: You can't make more money without upgrading your skills, but in many cases getting another degree (or even just one to start) just isn't affordable for everyone. ...

Student loans are a ticking 'debt bomb'

22 February 2012, 5:27 am

It’s a vicious cycle. Many families in this country cannot afford the skyrocketing cost of higher education without student loans. But many graduates can't find a job to pay off the loans.

Consolidate Student Loan Debts

To consolidate loans can many times be the only solution to recover some financial relief. This fact is even more true when the burden imposed by past credit include student loans. Therefore, and before taking any decision, it is important to understand the pros and cons of consolidate student (and non-student) loan debts. Unsecured debt consolidation of student loans can help you overcome a difficult situation, but it's vital to be aware of the disadvantages and drawbacks of such credit recover plan that may compromises your future.

The main benefits of consolidate a student loan debt are: (i) the possibility to obtain lower interest rates by merging all credit accounts, (ii) reduce the constant request from your creditors to regularize your situation since all loans will be managed by a single debt management firm, (iii) the management firm responsible of managing your consolidate loans will ensure that you pay in time by warned you and if some difficult arises can help you solve unpredictable problems, finally, and more importantly, (iv) you can negotiate your loan debt with the management company to ensure that you pay only what you can afford, by balancing your financial situation and achieve a debt-free status the fastest possible.

However, you must realize that there are also some drawbacks with this solution, namely: (i) although you are making a step to eliminate your debt, you are actually making another loan, which may bring some extra charges and processing fees for establishing the credit contract, (ii) many times your current debt will be payed in a much longer period (necessary to reduce the current monthly payment) which results that after that period the overall amount of payed interests will be much higher than the original loans.

Be aware that exist many illegitimate companies that are waiting to take advantage of your precarious situation, therefore analyze and study the historic of the company that you choose to establish a relation and a credit recovery plan.

Although there re no doubts that to consolidate (student and non-student) loans debts help you overcome a difficult situation and at long term recover your credit score and financial availability.

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