Phil's Financial Tip of the Day:
Better college loan options
An estimated two-thirds of graduating college students are burdened with student loans, $25,000 on average.
NEW YORK (WABC) -- Millions of students graduating from college this year will have a shadow hanging over their heads. An estimated two-thirds are burdened with student loans, $25,000 on average. And graduate school can push debt much higher.
Student loans are different from other types of loans. They can't be erased if you declare bankruptcy. And lenders can take money from your wages, tax refunds, and even Social Security if you don't pay up.
Consumer Reports advises taking out Federal loans such as Perkins or Stafford with fixed rates, rather than private loans from banks with variable rates. And with Federal loans, you get more flexible repayment options. Generally, with a Federal loan you don't have to start repaying until six months after you graduate or if you drop below half-time at school. At that time you may qualify for any number of payment plans.
To read the rest of the story and watch the video from Eyewitness News WABC-TV New York:
http://abclocal.go.com/wabc/story?section=news/consumer&id=8597659
Quote of the Day from Dave Ramsey.com:
The quest for excellence is a mark of maturity. The quest for power is childish. — Max Lucado
Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST on Dave Ramsey.com and at 8PM on WOR 710
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