Consumer reports have said that if you qualify for a student loan program, some relief may be imminent.
For Jessie Suren, going to college was a costly affair. She raised over $ 70,000 in student loans to graduate from La Salle University in 2010 with a degree in criminal justice. While she was in school, she focused on getting good grades, but not so much on finances.
“I had no plan how to cash them out,” said Suren. I didn’t even really know how much I was going to end up borrowing, so it was something I didn’t worry about until after graduation. “
Just a few years after graduation, Jessie’s debt rose to a total of $ 90,000.
And Jessie is not alone. Today, more than 44 million total borrowers in the United States owe a total of $ 1.5 trillion in student loans.
“The reality is that over half of college graduates today have to borrow money to pay for school, and some of these people are really struggling to repay their loans,” said Donna Rosato, Money Editor for Consumer Reports. “The good news is that some of them may qualify for student loan programs that will pay off some or all of their debts.”
A turning point for Jessie was when she began researching these programs.
At the time, Jessie’s mother, who had taken out a federal loan for her, was diagnosed with a bone condition that forced her to become a disability. After the correct paperwork was submitted, approximately $ 45,000 of Jessie’s loan was fully extended.
“There are more than 100 federal and state credit programs,” said Rosato. “You have very specific requirements, but if you make regular payments over a period of time, your credits may go out.”
While millions of borrowers could qualify for lending programs, only a fraction of those eligible use them. So you have to do your research – just like Jessie did.
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