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Record Stress Levels in College Freshmen

In a survey conducted of over 200,000 students entering four year colleges, it has been found that the emotional health level of freshmen is at its lowest level in 25 years.

Students are depressed and under stress with some of them using psychiatric medication. More students arrive on campus with problems and are in need of support. Students worry about the debt they are accruing while in college and if they will be able to find a job after graduating and it is causing a lot of additional stress for them.

During this survey students were asked to rate their own emotional health and the emotional health of others. While many students rated their own emotional health below average, it was more difficult for them to gauge the emotional health of others.

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Wells Fargo Forgives Student Debt in Death

Wells Fargo will pardon any student loan debt where the beneficiary dies or becomes permanently disabled, according to their new student loan agreement, released on Friday.

“When a death or permanent disability occurs, their future ability to repay is compromised,” said Kirk Bare , the head of Wells Fargo Education Financial Services. “We believe it is important to be responsive to events that affect these unique customers, and their ability to obtain financial independence and repay their loan.”

Before this new agreement, the co-signer had to pay back the loan under the circumstances. The student loan forgiveness program will be an addition to both existing and future Wells Fargo student loans.

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Highest Student Debt by State

washington-DCBecause loans are the primary means of paying for education in the U.S., the Project on Student Debt has set out to increase public understanding of student loans.

While the average student debt load in America is $24,000, in some states this amount in much higher. Below is the list of the ten states with the highest student debt. These figures were calculated from voluntarily reported data, submitted from nearly 1,000 public and private non-profit colleges. For-profit and two-year schools are not factored into the data. The highest average student dept is based on data from 2009 graduates.

1. Washington, D.C.
Average debt: $30,033
School with the highest average student debt: Corcoran College of Art and Design

2. New Hampshire
Average debt: $29,443
School with the highest average student debt: Saint Anselm College

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2011-2012 FAFSA Now Available

fafsa formsWhen preparing to go to college, one thing can help you more than anything else – get started early. If you think you might want to go to college or are sure of it, you should get the process started as soon as you can. One thing that many students will fill out in preparation for college is the Free Application for Federal Student Aid or the FAFSA.

Filling out the FAFSA will help give you access to government funds to pay for your education. The information you provide will determine what type of funds you are eligible for and whether you qualify for grants, which do not have to be paid back. Students seeking access to these government funds must fill out a FAFSA for each school year.

Now the FAFSA for the 2011-2012 school year is available for students to complete online. The sooner you fill out your online FAFSA and get it filed, the sooner you will know what funds you can receive to help fund your education. Read the rest of this entry »

FAFSA Must-Haves for Applying for Student Loans

Most students cringe when it comes time to fill out their Free Application for Federal Student Aid, better known by its dreaded acronym, FAFSA. Some students even avoid the whole situation by simply not applying for FAFSA and just hope to have enough money saved up by the time tuition is due, while others assume that they or their parents make too much money to qualify.fafsa

No matter what your situation is, it is always in your best interest to apply for FAFSA, especially if you’re having trouble making those tuition payments.

The financial aid application isn’t the easiest thing to complete, but students miss out on thousands of dollars in grants and low-interest student loans just because they didn’t have the necessary items to fill out the form. Sorry guys, but you’re in college now. If you want to make your tuition manageable, suck it up and gather every thing you need to complete the form.

Here are 5 things you will need to complete the FAFSA: Read the rest of this entry »

Student Loan Default Rate Highest in Arizona

arizona state signStudent loan debt is something that can haunt you literally for the rest of your life- especially if you keep getting frequent calls from moorcroft group LLC, a debt-recovery company.

Since student loans have to be paid back whether you graduate or not, many people find themselves unable to pay back the debt after spending it. There are no guarantees that even with a college degree you will receive a job that pays you enough to afford the loan payments plus the interest. With the current state of the economy in the U.S. and people without jobs, many people are unable to pay back their student loans which sends them into default. Read the rest of this entry »

$50.8 Billion in Student Loans in Default

student-loan-defaultsThe rate of borrowers who will default on student loans is higher than short-term government estimates indicate, reports the The Chronicle of Higher Education. According to their data, 20 percent of government loans that started repayment in 1995 have gone into default. The rate is even higher for students attending two-year colleges.

Defaulting on student loans leads to serious personal and financial burdens. Borrowers become ineligible for additional federal aid and can have their wages and tax refunds seized by the government. It also ruins future credit ratings, making it difficult to obtain mortgages, car loans or credit cards.

Loan money that is not recovered by the government must come from taxes. At the end of the 2009 fiscal year, $50.8 billion of student loans were in default.
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Student Loans Cheaper and Simpler to Receive and Repay

student-loanWe could all use some good news when it comes to money these days. And even if it’s not your own money, the federal government is taking steps to make borrowing money for student loans cheaper and easier to get and much simpler to pay off.

Here’s why:

On July 1, the federal government lowered the interest rates on many student and parent loans, and took out the middle-man by awarding loans directly through the government itself rather than through a bank.

The only downside is that there will be a bit of a learning and processing curve on the shoulder’s of the schools’ financial aid offices as they learn about the new rules and spend more time answering parents’ questions. So expect longer phone times and maybe mixed messages from school administrators during the first few months of the academic school year. Read the rest of this entry »

UPromise Offers a Way to Pay for College

UPromise Student ProgramWe have all been writing blog after blog about how to save for rising tuition and prepare for the costs of college, but here is a way to save your money while spending money on everyday items.

Upromise is a free service that allocates money towards college bills and student loans when you purchase groceries, shop online or buy gas. Students can also use the money for 529 investment programs.

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5 Ways to Manage Your Student Debt

It’s no secret that most graduates are in debt. By the time you walk across the stage in cap in gown you have likely built up several thousands in student loans. According to the Project on Student Debt, students, on average, are $23,200 in the hole by the time they get their degree. So instead of cringing when you get your first letter from Sallie Mae, you should educate yourself. Here are some tips on how to manage your student debt:student-loans

1. Know what you owe: Go to the National Student Loan Data System at to find out how much you owe. The website will be able to keep you up to speed on all the loans you have taken out so far. You should also know the different federal student loans you have, the lenders on each of the loans and the interest rates one each of them.

2. Never default on a student loan: There’s never a good reason to default on a loan. No matter what your financial situation is, lenders have several repayment plans, including a 36-month economic hardship deferment plan. Keep in mind that once your loans become delinquent, you lose the right to deferment and have to deal with those pesky collection fees. Read the rest of this entry »


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