As one might expect, the trend in student loan debt is directly relative to the continued rise in college tuition and expenses. Student loan defaults will continue to climb according to Education Department projections.
Statistics reveal unexpected and dangerous trends: there are too many college students relying first on high interest, high limit alternative or private student loans than they are on low cost, low interest federal student loans.
An important factor in the accumulation of substantial amounts of debt by young family units is the rapid growth of outstanding student loans. Recent trends have dramatically impacted the number of private student loans available and the variety of terms and interest rates.
If your federal financial aid package does not cover everything, consider a private (alternative) student loan to cover the entire cost of education. But always consider federal loans and scholarships first.
Student Financial Services counselors work with students to help them develop financial plans or budgets to monitor their spending to avoid the necessity to borrow more loan funds than are required.
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