AICCCA Advises College Students -
Plan to Deal With Debt
Fairfax, VA — June 14, 2006 - College students are graduating with more than diplomas. They are also graduating with thousands of dollars of student loan and too often credit card debt as well.
The average college student who graduated this spring had more than $19,000 in debt. Some students graduated with six figure debts.
"With the rising costs of tuition, families are having a much more difficult time funding their children's college educations," said Dave Jones, president, Association of Independent Consumer Credit Counseling Agencies. "As a result, more and more students are paying for college with student loans and graduating with significant debt."
To help college students AICCCA offers the following tips:
Research and apply for scholarships and grants. Each year thousands of dollars go unused that could have been awarded to enterprising college students for college expenses. Spend the time researching funding opportunities; you could start with scholarshipexperts.com. The money you could save in college expenses will be much more than you could earn in the same amount of time.
Utilize your college or university's financial aid department. Many options are available from the school to help defer costs. Examples include on campus jobs, special grants or scholarships through the school and recommendations on the best loan options.
Consider a lower cost school for the first two years. To save money, take core classes at a local college and then transfer to the university or college of your choice for the last two years of school. If graduate school is something you know you want to pursue, consider a lower cost school for your undergraduate degree.
Incorporate student loan debt into your future planning. If you have no other choice than to take out loans to pay for college, make sure that you plan for the expense of paying back those loans once you graduate. As best as you can, determine the total amount of your loans and what your monthly payment might be once you begin paying off the loans. Keeping that payment amount in mind may help you make the right financial decisions and avoid overextending yourself.
Avoid making things worse with credit card debt. For most college students the years you are in school are lean when it comes to extra money. Don't make the mistake of using credit cards as a source of income. If you don't have the money to buy pizza or go out, take advantage of free entertainment and use your meal plan.
Founded in 1993, Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services. AICCCA and its members are focused on improved creditor relations, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, counsel millions of consumers annually nationwide and provide debt management services to consumers with excessive unsecured debt. For more information or to contact an AICCCA member office call (800) 450-1794 or visit www.aiccca.org.
