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- Navigating The Student Loan Maze
It's a standard topic in newspapers, magazines and on television: rising college costs. On the upside is what the media often fails to mention-and that is financial aid has increased, as well. In fact, roughly two-thirds of today's students finance their college education with low-cost student loans.
Federal student loans, like those offered by Sallie Mae, the nation's leading provider of student loans, are the most common way for students and families to pay for college education. Available on both a financial need and non-need basis, federal student loans typically have borrowing limits, yet they offer attractive terms, says Martha Holler, Sallie Mae spokesperson. Interest rates are lower and subsidized in certain cases. - When Securing A Student Loan, Going Direct Is The New Reality For Savvy Students And Parents
The government introduced student lending as a means of paying tuition and other college-related expenses 41 years ago. Since then, students have routinely relied on the financial aid office at their school to make critical decisions regarding their future student loan debt. However, a lack of control over these decisions, compounded by the rising costs of higher education, has led to a national student loan debt dilemma.
Up to 90 percent of students require some kind of financial aid to pay for education. While the average student will leave school with approximately $20,000 of loans to repay, that number skyrockets for those seeking graduate and professional degrees. Today, young college graduates are forgoing or postponing major life decisions--such as marriage, children and real estate purchases--in order to pay down their student loan debt.
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