Student Loans & Debt

Get Smart About Student Loan Debt!

It’s commonly reported that graduating from college can increase your lifetime earning potential by more than $2 million.  However, being smart about how you manage school expenses and student loan debt can be the difference between building wealth and being buried in debt!

Higher Education is an investment – but not all investments pay the same dividends!

Consider the following:

  • What is the earning potential for the career you’re pursuing?
  • Are there ways you can minimize debt while in school, such as:
    Working part-time or full-time
    Pursuing grants or scholarships
    Completing general education courses at technical or community college?
    Minimizing your living expenses
  • Is the school you are considering accredited? Accreditation is important, as it ensures the education provided by a school meets acceptable levels of quality.
  • Are there other schools that may be less expensive, yet offer similar degree programs?
  • Federal Student Loans (including the Stafford and Direct Loan program) tend to be more flexible & cost-effective than Private Student Loans

Thinking about College?

Adventures In Education provides free resources for planning for college, paying for college, finding a career, and managing your money. www.aie.org

Fast Web offers information regarding scholarships: www.fastweb.com

Free Assistance for Federal Student Aid: If you’re considering going to school, completing the FAFSA is an important step to complete early to find out about eligibility for loans and grants. www.fafsa.ed.gov

Worried about Student Loan Debt?

Learn more about consolidating federal student loan debts into a single payment at www.loanconsolidation.ed.gov.

Income-Based Repayment (IBR) is a way to make your federal student loan payments more manageable and allows you to check if you can have part of your debt forgiven after a certain number of income-qualified payments:  www.IBRinfo.org

National Student Loan Debt System is where you can obtain details about your federal student loans and financial aid requests: www.nslds.ed.gov

The Consumer Finance Protection Bureau (CFPB) has tools to help you make informed choices about paying for college and figuring out how to repay student debt: www.consumerfinance.gov/paying-for-college

Need More Assistance?

A non-profit credit counselor can help you develop a budget & action plan to manage your student loan debt.  Both GreenPath and Consumer Credit Counseling Service of Greater Milwaukee offer local, one-on-one counseling services.  For more information contact them:

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