Poll Results: Student Loan Debt | 05.16.11

Posted in Consolidation, Graduate Loans, Repayment, Stafford Loan, Student Loans By Student Loan Network Staff

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:

Student Loan Debt Chart

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.

Consolidate

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.

Defer

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!

Here is a link to the Poll – Click Here and Show us your Debt!


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One Response to “Poll Results: Student Loan Debt”

  1. RoadOutOfDebt says on May 26, 2011 at 11:07 am:

    Numbers speak for themselves. With student debt higher than credit card debt and more than two third of student indebted, there are great chances to see this higher education bubble burst!

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