USAToday Six Week Series: “Young and in Debt”
December 3rd, 2006Up to Our Necks in Debt
Paying back student loans is a daunting task, and if you recently graduated in 2006 you are facing this reality very soon. Student loans usually have a 6 month grace period before payments begin, and it has been about 6 months since graduation. Today’s college graduates have more debt than previous generations, but they also have more options, knowledge, and tools at their disposal.
USAToday’s Six Week Series on Debt
For example, check this out. USAToday and ABC News is currently in week two of a six week series called “Young and in Debt,” which tackles the increasing debt load that recent college grads are faced with. The series pairs ‘twentysomethings’ with members of the Financial Planning Association who can give sound lending advice. Already, the site (youngdebt.usatoday.com) is chock-full of useful tools and resources to help grads weigh their lending and repayment options.
One useful tool is an interactive state-by-state map, illustrating the average debt of graduating seniors at 4-year colleges in 2006. A few highlights?
- Debt of Michigan graduates from public colleges: $18,526 and private colleges: $21,020
- Debt of Florida graduates from public colleges: $16,402 and private colleges: $21,282
- Debt of Iowa graduates from public colleges: $23,198 and private colleges: $22,184
Check the map for more info on the rest of the states.
Other tools include a debt-consolidation calculator, to help you decide if that option is for you, and what it will take to pay off lines of credit, depending on your interest rate and payments.
Take Advantage of Financial Planning Experts
The site also hosts an interview with USAToday’s personal finance columnist, Sandra Block, which tackles questions like “What should borrowers do if they can’t afford their monthly loan payments?” and “What are some ways to reduce the interest rate on my loans?” The beauty of the internet is that expert advice that may have once been costly to acquire is now freely distributed, if you know how to find it. Take advantage of the experience of expert financial planners, by submitting your own questions to a certified financial planner.
Follow the entire six week series on USA Today for more valuable information on loans, debt, repayment, and how to plan for a smart financial future.
