Poll Results: Student Loan Debt

Now that graduation season is upon us, we asked students to share with us the amount of debt they have accumulated (and will soon need to repay). Here are the results of our poll:

It’s awesome, albeit surprising, to see the number of students graduating debt free- conGRADulations! For everyone else, loan repayment might be a growing concern as that 6 month date draws nearer. If you’re concerned about making payments for whatever reason, there are some steps you can take to either lower or postpone your repayment.

First, I would suggest consolidating your loans. Consolidation offers a number of benefits including lower monthly payments; Plus, it makes keeping track of multiple loans easier. To defer federal loans, you will need to contact the Department of Education Direct Consolidation department. To consolidate private loans, grads will need to contact a consolidation lender. Interested? Read more about consolidation in our blog, From our Archives: Consolidation.

If you are unemployed or do not make enough money to repay loans, I suggest looking into an Unemployment Deferment or Economic Hardship Deferment. Deferments allow you to postpone payment for a certain amount of time, allowing grads a little extra time to get on their feet financially. While available for most federal loans, deferment options vary by private lender, so make sure to ask if this option is available for you!

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The financial aid offer poll results!

I just want to take a minute to thank all of the student’s who took our recent poll! Based on the results, it seems that only a mere 23% of you were satisfied with the amount of financial aid you received. This means a whopping 77% of students who replied did not get enough financial aid to pay for college! Considering the cost of college, this is no surprise, but now the question is what to do next.

In some special cases, students can appeal their financial aid award in order to prove that they need more money for school. Appeals will be most successful if students can show that their family contribution is less than indicated on the FAFSA due to outside issues such as medical bills or mortgage payments. By proving your family cannot afford to contribute substantially to your education, financial aid offices will be more lenient when distributing aid. Read more about how to do this in Appealing a Financial Aid Offer.

If you’re at the point where getting more money from your school is not an option, then your next step is to look into getting a private student loan. Private loans are available through a number of different lenders, so students are able to compare loans, and choose the right option for their situation. As with any loan, before signing, make sure you’re well aware of the conditions of the loan, especially repayment terms. Private loans are a great way to supplement federal aid, plus, they can often be consolidated once you graduate.

>>Apply for a Private Student Loan!

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Seniors, graduating with debt?

For seniors, graduation is quickly approaching! Unfortunately, so are those pesky loan repayments, yikes! Take a few seconds to vote on our most recent poll to let us (and all those soon-to-be-graduates out there) know how much debt you’ll be graduating with, and see where you fall on the scale!

If you’re graduating with loans, make sure to look into loan consolidation to help with repayment!  Still in school?  Find a better way to pay search for scholarships or compare student loans.

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