Repaying Your Student Loans Publication

You’ve attended college or received other education beyond high school, and you received federal student loans from the US Department of Education (ED) along the way. You’re now about to deal with paying them back. You’ll need to know how to manage your student loan debt to avoid repayment problems. This publication explains available repayment options so you can successfully repay your debt. It will also tell you what steps to take so you won’t get behind in payments or go into default.

Federal student loans are real loans, just like car loans or mortgage loans. You can’t just get out of repaying a student loan if your financial circumstances become difficult, unless you qualify for bankruptcy. But, it’s very difficult to have federal student loans discharged in bankruptcy; this happens only rarely. Also, you can’t cancel your student loans if you didn’t get the education you expected, didn’t get the job you expected, or didn’t complete your education, unless you leave school for a reason that qualifies you for a discharge of your loan. Remember, your student loans belong to you; you have to pay them back.

Available in .pdf format (you will need adobe acrobat reader)

Download English Version
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Hurricane Relief Loan

Sallie Mae is offering an interest-free loan to students displaced by Hurricane Katrina. The loan is a one-time relief loan of up to $1,000.00. Students may apply for the loan through December 31, 2005. The loan is interest-free through May 31, 2006.

qualifying info here

New Federal Consolidation Loan interest rates have increased

From http://www.federalconsolidation.org/

Notice: New Federal Consolidation Loan interest rates have increased. Today's rate: 4.750%.

"What if I didn't apply before July 1, 2005"?

Answer: If you apply on or after July 1, 2005 the weighted average interest rate on your consolidation loan will be calculated using the higher interest rate (currently 4.750%*). Federal regulations set when this higher rate goes into effect. You may still choose to consolidate at this higher rate, however you should weight the pros and cons carefully before deciding whether to consolidate.

* This is the consolidation interest rate on Federal Stafford Loans originally borrowed after 1998 and consolidated while in school or grace.

FAFSA correction deadline

Deadlines: The 2004-2005 FAFSA correction deadline was today (September 15, 2005). However, if you have been affected by Hurricane Katrina, the correction deadline has been extended until December 1, 2005. Corrections must be submitted by midnight Central time on the deadline date. midnight Central Daylight time, September 15, 2005. -->Submit 2005-2006 FAFSA on the Web Applications by midnight Central Daylight time, June 30, 2006.

Student Loan Resources Page

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Student Debt "Increasingly Unmanageable"

CNN Money Online

Article Highlights:

In 1999-2000, 64 percent of students graduated with student loan debt; average student debt has nearly doubled during the last eight years to $16,928.

Read all about it here

Canadian College Student Statistics

A statistical report from Canada about students and the factors that contribute to their ability to pay their student loan debt-

Read all about it here

One British College Graduates Experience

I Found this interesting article about a British graduate named Joanna Kelly. Like a lot of college grads who had the misfortune of not being born with a silver spoon in her mouth, she finds herself deep in debt with seemingly no light at the end of the perverbial tunnel.

I just love the way the 2 "financial advisors" pelt her with GENERAL INFO (are you sensing my sarcasm here?)

Read all about it here

Consolidate Student Loans OR Upromise: Help Paying Off Your American Education Services (AES) Loan

Launched in April 2001, Upromise was created to help families save for college. By joining forces with some of America's leading companies, Upromise allows families to get back a percentage of their everyday spending into their Upromise accounts.

Upromise has built a simple way to help families learn more about their savings options, open investment accounts, and jumpstart their savings. The mission of Upromise is to make college more affordable for American families.

Simply join Upromise for free and leading companies will contribute a portion of what you spend with them into your Upromise account. You can then use these funds to help pay off your AES education loan. You can even invite family and friends to join Upromise and help pay off your school loans. There's never been a better way to manage your educational expenses.

Eligibility and requirements here.

TO GO OR NOT TO GO- to college

I personally feel that people today put more emphasis on college and higher education than on quality time with their family and living a simple lifestyle. If your parents happen to be well-to-do, going to college may not really be a big deal. But if you are from a family of lesser means, college will certainly take it's toll on you and your household. Consider this:

• If you marry while still paying on your student loans, odds are that your marriage will be full of tension due to financial difficulties- especially if both husband and wife come into the marriage owing on college loans.
• Now add the pitter-patter of little feet to the scenario....

I read somewhere about how so many new marriages ended in divorce due to these student loans. It made me feel ill.

I think people are being pulled-in by all of the "go to college for a better life" propaganda out there (by the way, this propaganda is instigated by slave-drivers in order to determine which slaves would work harder and longer). I'm not saying that college in itself is completely wrong and if you go you are a dummy. But I think that "keeping your eye simple" and putting family first is in order.

Instead of being taught how to live with less, "go for the gusto" is the phrase of the day. For instance, read this article I found and notice how there is no mention of "family time" and the parents don't say anything like "there is nothing wrong with driving a Chevrolet instead of a BMW". There arguement for the kid to go to college is based solely on MAKE MORE MONEY. This is the kind of stuff that makes people today feel almost obligated to "Make something of themselves" (which actually means, you make your Maserati driving employer richer and your BMW driving self gets to look down on all of those Chevrolet driving simpletons out there).

Of course, if you have the means to go to college or plan to be single until your loans are paid off, more power to you. But always remember that college is not the "end word".


Written by Manny,
a self-employed publisher who did not go to college and is not rich
(but is very happy and spends most of his time with his family)