![]() ![]() There are multiple benefits of such loans that help the student borrowers repay their federal educational loans in easy monthly payments. Do seek federal aid: If you've accumulated a huge amount of federal educational loans, make sure you apply for federal student debt consolidation loans.Here are some dos and don'ts that experts recommend ![]() Real protections and change in the student loan industry must take place before the price of an education becomes unattainable. They are of the opinion that student borrowers just can't ignore the huge amount of debt -and neither can Congress. The financial experts are worried about the rise in the student loan default rate. What do financial experts advise about financing your college education? That number actually exceeds the amount that consumers owe on their credit cards. In the initial part of 2010, it had been calculated that the total amount on student loan defaults have grown to $876 billion. This default rate is comparable to the default rate on credit cards that is 8.8% and mortgage loans are 9%. Despite the efforts of student debt consolidation services trying their level best to assist students to find their way out of their heavy debt burden, there is no such evident improvement.Īs some reports indicate, the national default rate on the federal student loans is 7% for those student borrowers who started their repayment schedules in 2008. According to recent data of the US Department of Education, the sharp rise in college debt is a crises heading towards the same direction and same level as the massive foreclosure crisis. These kind of negative statistics indicate that Generation Y has been burying themselves in student loan debt. The cost of a college education is also rising sharply. A series of independent reports have revealed that the number of student loan defaults is rising at a pace faster than the national consumer credit card debt level. ![]()
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