Posts Tagged interest rates

The jobless economy is taking a toll on a growing number of college grads who are behind on their student loans. Nearly 7 percent of student loans for fiscal year 2007 are expected to default, involving more than 231,000 borrowers, according to the U.S.
Department of Education.  People are starting to call upon the government to forgive these loans, stating that, with recent bailouts, why shouldn’t the government bailout the middle class from the crushing financial impact of these loans.

Let me state, I do not feel that we should forgive these loans.  These students went to college, whether they want to believe it or not, they incurred the debt, and it is their responsibility to pay off what they borrowed.  I can understand the issue, though, when the government is throwing money at bad business, debtors want their pass, as well. 

Below is a list of five things that you can do if you find yourself unable to pay your student loans due to the poor economy.  It isn’t a failsafe set of five, but it can help you cope with the inability to relieve your debt. Full Story »