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College graduates in the class of 2016 had an average student debt load of ,162, a 6% increase from 2015.
As the burden grow worse, student debt is an emerging political issue, but so far debt relief remains elusive and college costs continue to climb.
Rehabilitation of a federal Perkins Loan is accomplished in nine consecutive months with payments determined by the loan holder. Ford Federal Direct Loan Program and the Federal Family Education Loan Program, operate similarly, but require nine payments to be made in 10 months.
Student loan debt in 2017 is nearly double the 0 billion owed on credit cards.
Student loan rehabilitation programs are another alternative.These are agreements between borrowers and lenders that can erase defaults from the borrowers’ records as long as they stick to a strict repayment plan, typically for 10 consecutive months.Rehabilitating loans clears a black mark from borrowers’ financial histories, repairing credit scores and restoring their ability to borrow in the future.Though government might eventually try to lessen the burden, students should clearheadedly consider the difficulties they face repaying their loans.It is prudent to estimate the amount of income needed to repay loans and determine whether your salary can handle that amount.