Jared Said:

What is the average amount of money a college graduate owes in loans when he/she is finished?

We Answered:

The most recent data available is from the 2006 school year - this particular report was published just about a year ago, now, in September 2007.

According to the "Project on Student Debt", the average undergraduate who completed school in 2006 had debt of $21,100. The survey found that students who attended schools in Washington, D.C. and New Hampshire reported the highest debt, $27,757 and $24,800. Students in Hawaii reported the lowest debt, $11,758.

The most "expensive" regions of the country were the Northeast and the Midwest.

If you want to read the report, which offers a state-by-state estimate of student debt, you can click on the link below. Good luck to you - I hope that helped answer your question.

Bernard Said:

Can I get a public loan for college? What are the best (cost effective for me after I graduate) loans to get?

We Answered:

Ooooh! I'm going through this too!! Actually, from what I've heard/researched, it's almost better to get a loan through your bank than through the government. Their interest rates can kill you when you have to pay it back. And if you go through your bank you have the option of having a cosigner who could greatly reduce your interest assuming they have good credit.

If you have a bank you trust, try talking to them, set up a meeting. I'm using Wells Fargo because actually have a student loan program that's a lot like FAFSA in the fact that you don't have to start paying until you're out of college.

Hope this helps!!

Brenda Said:

Does anyone have advice for a recent college graduate wanting to consolidate student loans?

We Answered:

Your very best bet is to keep these loans with their original holders. Consolidating private loans usually ends up costing you far more in the long run than it would to pay off the original loans. If you do end up deciding or finding a program that will allow you to do it, make sure you read all the fine print and understand exactly what the cost will be over the life of the loan - not just a lower monthly payment. Lower monthly payments typically mean you pay more in interest, sometimes double or triple what you borrowed to start with.

Jackie Said:

if I graduate college early do I need to start repaying my student loans early?

We Answered:

Repayment starts six months after you leave school (graduate or otherwise). You may be able to get a longer deferment by working with the lender if you are unable to obtain employment.

Adam Said:

When you graduate, can your college federal loan totals go down based upon immaculate payment record ?

We Answered:

A collection agency would not be involved with your student loan unless she defaulted on it (didn't pay on it). So in that case, no, it wouldn't/didn't go down because of her "immaculate" payment history. lol Federal loans are not the same as other debt... the lenders WILL get the money you borrowed from them because they have to right to garnish your paychecks, seize your income tax returns, heck... even when you are old and gray and drawing social security they can take that too... No collection agency is going to be quick to "settle" a student loan for a lesser amount because they WILL get their money eventually.

Some lenders Do have special programs set up to lower you interest rate and ultimately lowing the amount you have to repay... Sallie Mae has a program called "Great Rewards" in which if you made a couple of dozen worth payments on time they would lower your interest rate. If i recall correctly, if you set your payments up to auto withdraw directly from your bank account they would also lower your interest rate a bit. Pay on time and you will pay less in the long run!

Joseph Said:

What are some options for college loans?

We Answered:

To begin with, are you a dependent student? If so, your parents have the option to apply for a Federal PLUS loan in their names. If your parents have poor credit, you should know that in the event your parents are denied the PLUS loan, you as a junior would be automatically eligible for up to an additional $5,000 in the form of a Federal Unsubsidized Stafford Loan in your name.

If your parents are unwilling/unable to apply for a PLUS loan, or you are an independent student, the other option for student loans besides Federal student loans are private/alternative student loans. Because of the economy, many private lenders have stopped funding student loans, but there are still some out there that you should check out.

The link below is for the best website to go to for a list of all the student loan lenders and their contact information. From there, you can go about contacting the lenders, asking questions, and finding a lender that meets your needs and that you're comfortable working with:

http://www.finaid.org/loans/educationlen…

Because private student loans are based on credit, the lender will check your credit and require a co-signer if you have a limited or poor credit history.

Also, you will find that sometimes the best student loans can come from your bank that you have your checking/savings account at. Because you already have a relationship with them, they'll be more likely to want to work with you for your student loan and offer you the best deal.

My personal opinion is to go with a lender that works with an electronic system called ELM. ELM allows paperwork and funds to be transferred electronically between the lender and the school, and between the school and you, rather than by mailing hard copy paperwork and checks. This is MUCH easier for your school--and you--to work with.

Hope this helps!

Financial aid advisor, 2 years