ScholarPoint Offers Tips to Reduce Student Debt Stress
ScholarPoint offers tips for parents, friends, advisors and mentors of recent college grads to help them reduce stress from student loan debt.
La Jolla, CA (PRWEB) July 30, 2007 -- Recent graduates are leaving college stressed out over how they are going to pay back their student loans. No wonder-- nearly two-thirds of students graduating from four-year colleges and universities now have student loan debt and the average amount of that debt has more than doubled from $9,250 to $19,200 since 1993.
Many of today's new college grads are ill-equipped to manage their finances and student loan debt. When it's time to start repayment, many of them experience varying levels of stress and anxiety.
ScholarPoint maintains that new grads have enough to be stressed out about and offers the following tips for parents, friends, advisors and mentors of recent college grads to help them reduce stress by getting their finances in order.
1. Make sure they understand that student loan debt is not a weakness but a fact of life in today's world. There is no stigma or need to feel embarrassed. Incurring debt to obtain a postsecondary education is a solid investment they have made in their own futures.
2. Knowledge and the right information are essential for reducing debt stress. New grads need to understand their loans and repayment options such as student loan consolidation, which allows them to combine existing loans into one new loan with a lower monthly payment.
3. New grads need to prepare a monthly budget and follow it stick with it. Enough said.
4. Watch out for, and keep an eye on, credit card use (and abuse). This is where so many young people get into financial trouble; remind them that if they cannot pay for it then they cannot afford it.
ScholarPoint Financial, Inc. is a national online consumer lending company specializing in student loans and offering a full range of innovative education finance solutions. Loan options for students and their families include PLUS, Stafford, Consolidation and Private loans. ScholarPoint combines industry-leading borrower benefits, best-in-class service and innovative technology. Unlike many other traditional loan sites, ScholarPoint's technology platform was designed exclusively for its website, integrating the entire process for an online experience that is simple, instant, and complete. http://www.ScholarPoint.com
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