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Tuesday, September 16th, 2014


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Paying back student loan debt

Dear Scholarship Guru,

Thank you for writing your article “It’s Pay Back Time” in YOUNG MONEY magazine (Summer 2003, p. 26). It’s definitely pay back time for me. Your article gave me a few ideas and I really need to find out more about government programs that pay off student loan debt.

I currently work for county government in the state of Wisconsin. Being an African American male, I realized the need for a quality education no matter what the cost. So I made sure I applied for financial aid every year as an out-of-state undergraduate student and then later as an in-state student in graduate school.

Well, I found a job but my student loan debt is ridiculous and it is growing every day. Whatever suggestions you can offer would be helpful and thanks again for giving me some things to think about.

Sincerely,

Wes


Hello Wes,

I am glad my article inspired you. Like many students, you have had to take out loans to make your educational goals come to life. In the coming months, YOUNG MONEY magazine will be featuring more articles on loan payback and repayment programs.

Have you considered consolidating your loans? On July 1, loan interest rates reached all-time lows and that could offer you great savings. If you are considering consolidation, check out American Collegiate Financial Services or Sallie Mae to learn more about consolidating.

If you plan on pursuing graduate level education, you will probably need to find extra college cash. Many of the tips and strategies you will need while on the hunt for college cash can be found in my book Free Cash For College: The Everyday Students Guide to Scholarships and Financial Aid.

If you wish, I will sign you up for my monthly e-newsletter, so you can keep up to date on the latest scholarships coming due. Once again, keep on the lookout for future editions of YOUNG MONEY and articles at finance.youngmoney.com.

Sincerely,

Jose Rafael Vazquez

YOUNG MONEY Financial Aid Columnist

www.Vazquezmedia.com

Jose Vazquez, a marketing major at Western Illinois University, has been awarded 27 scholarships, amassing more than $100,000 in aid to date. He is the author of the book Free Cash For College: The Everyday Students Guide To Financial Aid, available at vazquezmedia.com.

© 2008, Young Money Media, LLC. All rights reserved.

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One Response to Paying back student loan debt

  1. Master's Mom in Debt! says:

    Hello. I appreciate your advice and wonder if you have any suggestions for the bind I am in. I am in debt $44, 000 dollars to Sallie Mae because I kept having babies after I started teaching and finished my Master’s when my youngest turned one month old. Parenting five children became too much and I have been a stay at home mom for nearly two years now. We have been able to defer, but the interest is piling up and I need help. Is there anything I can do to get out from under this debt? I still have two years before I can go back and teach. Is there a program that will forgive my loans if I return in two years and work in a special program or something? There has got to be something I can do. PLEASE HELP!!!

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