Monday, July 02, 2012

Student Loan Victory

President Obama asked Congress to extend student loan interest rates for another year and won. Congress came to an agreement today and student loan interest rates will not increase at least for another year. 

If Congress did not take action,  interest rates for subsidized government Stafford loans would have increased from 3.4 to 6.8% on July 1, 2012 for loans issued after July 1, 2012 for undergraduate students and their parent who are already strapped for cash and still trying to recover from the 2008 recession.  Here are some ways to reduce student loan costs:

1.   Think about how you will pay back student loans.
2.   Go to a cheaper college.
3.   Participate in a work-study program.
4.   Extend school for 5 to 6 years by working a co-op.
5.   Work during the summer and use the money to pay for school.
6.   Work full-time and go to school part-time.
7.   Stay at home for 1-2 years after graduation to pay down student loans.

Always have a plan B and don’t depend on someone else to solve your problems.  One person can make a difference, since this is an election year make your voice heard.  If you want to see changes now it the time to voice your concerns. To your success.

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