The Student Loan Debt Support Center

Every person is unique, but when you face a challenge like student loan debt, you are never alone.  Countless men and  women have faced the exact same dilemma and have survived and thrived.  The following guide is designed to help you navigate your journey with the best information and resources that helped other survivors when they faced the same challenge.  

TSC has scoured the Internet and assembled links to the very best student loan debt resources: articles, blogs, forums and tools that can help you make better decisions and take action to overcome the range of emotional and other challenges that you face.

As you’ll see, we always welcome your ideas and suggestions to make this Student Loan Debt Guide even more helpful to survivors like you.    

JUST FOUND OUT 

Survivors Say: Best Resources for Student Loan Debt

• FinAid: Loans
  
• Student Doc: Reducing Student Loan Debt
• Project on Student Debt
  

The Big Picture

Although achieving higher education degrees means more job opportunity and the potential for higher salary benefits, you still need to pay for it.  A decent education can also come with a hefty price tag.  A recent study has found that at least 50% of college graduates have incurred some level of student loan debt. Some studies put this number closer to 75%. With tuition and living expenses rising each year, the number of students carrying debt beyond their four years of college will also rise. All of this is means that you are not alone in your debt situation.  

Student Debt Alert: The Student Loan Crunch at You

There are many resources available to help your manage your student loan debt. If you are a first time student, then this is probably your first major loan. You want to make sure that you can keep current with your payments to insure a positive credit rating. This will ultimately help you when it is time to make major purchases in life such as a car or home.

You Can Deal With It: Student Loan Repayment, Debt Management & Student Financial Planning Resources

Your Student Loan Debt

Many graduating students and their families find themselves saddled with debt. At times it can seem to be overwhelming considering you might not have even found a job yet to pay off the debt. Before taking on a debt, understand the ramifications and how it will impact on your life beyond college.

• CNN.com: Student Loan Deb - How to Get Relief
• USA Today: Graduates Saddled with Debt, Student Loans Can't Easily Turn to Bankruptcy

Your World

A new administration means new opportunities for restructuring student loan debt. There are some who advocate forgiving the entire debt. President Obama has put forth the idea of service work in exchange for scholarships.  

Business Week: Asking For Student Loan Forgiveness

But until these programs become official and before advocates can help with new regulations, you still need to pay back the loan. You can’t hold out for the promise of “forgiveness.” There are numerous options available to help you restructure and consolidate your loans. Additionally, there are also deferment programs available.

FinAid: Financial Aid, College Scholarships and Student Loans

Student Loan Debt Myths

• You cannot refinance loans that are in default
• You can only refinance a student loan when you graduate
• Bad credit will stop you from refinancing
• Once you refinance you cannot do it again

Information and Recommended Links for Survivors

• Associated Content: How to Deal with Defaulted Student Loans
  
• How To Do Things: How to Deal with Student Loans in Default 
• Link Roll: How to Deal with Student Loan Default

Types of Student Loans

When first applying for a student loan you will be presented with a variety of options to choose from. Basically there are federal loans and private institution loans. Becoming fully informed of all of the options available will help you pick the best loan for your needs.

Wise Geek: What are the Different Types of Student Loans?

Sallie Mae is a leading loan institution who has helped millions of students pay for their college education. Their website provides valuable information about the application process and the different loans available.

Sallie Mae: Getting a Student Loan

It will also help you to calculate your loan payment and when you are expected to begin making these payments.

Simple Tuition: Student Loan Resources

Help With Student Loan Debt

When you graduate and enter into the workforce, chances are you’ll be carrying your student loan with you. Having your new job means working within the budget of your new salary. Suddenly you might find that your loan repayment is out of your reach. Consolidation is a way to manage your student loan debt. This means bringing you various loans together into one package with a lower interest rate.

About.com: Student Loan Debt - Getting Rid of Student Loan Debt

Loan Consolidation Counseling

There are many companies set up to guide you through the student loan consolidation process. You should find a service that does not charge for a consult but instead is willing to answer all your questions.

Debt Consolidation Care

Consolidation Options

As there are many programs for loans there are just as many programs to refinance and consolidate your debt. As with any agreement, make sure you read the fine print.

BNet: Managing Your Student Loan Debt

Creating a support circle 

• Set up your TSC Survivor Profile
• Join support groups of other survivors or set up your own
• Interact and provide updates on your profile or our forums

Insurance for Students

Taking on the responsibility of a student loan means you are heading into the direction of taking charge of your life. Part of this responsibility is making sure you have health insurance. You don’t want to be saddled with unfortunate health care costs while paying off a loan.

• Insurance For Students
• Student Health Insurance
  

The Emotional Roller-coaster

Surviving a student loan debt means managing your budget and paying off the loan. Once you leave college, you’ll be faced with many other financial responsibilities such as living expenses, insurance, rent or mortgage payments and car payments. All of this can become overwhelming; especially if this will be the first time you are living on your own beyond the security net of campus life. Some people find that dealing with the stress of paying back a student loan is more of a hardship than actually earning a diploma. Many survivors panic and break down under the stress of accumulating payments. To avoid this, it's important to continue living your life normally, participating in the same daily activities you've always done. Support groups are also important to maintaining a healthy emotional state. Other than that, educating yourself on the reality of student loan debt and exposing yourself to books and stories written by those who have dealt with this same financial situation in their past can help give you and your loved ones hope while dealing with this crisis.

Books Survivors Recommend

• How To Wipe Out Student Loans and be Debt Free Fast: Everything You Need To Know Explained Simply 
• Free Yourself From Student Loan Debt: Get Out From Under Once and For All
• Zero Debt for College Grads: From Student Loans to Financial Freedom
  
• Surviving Your Student Loans
  

What Survivors Wish They’d Known

Communicating with Your Loan Program Officers

• Bring a friend or family member with you to your appointments with a loan officer not only to provide support but to lend an extra ear to understand everything your loan officer has to say and to think up any more questions you may not realize are important at the time.
• Don't be afraid to ask any questions you feel you need the answer to, even if you may be scared of the answer. Ignorance won't help you repay your loan.
• Write down any questions you may have ahead of time and the answers to those questions as your loan officer provides you with.  Don't be afraid to ask for clarification on anything.  Remember this is about your future credit history which is extremely important to maintain.

MSN Money: An Insider's Guide to Student Loans

Dealing with Student Loan Debt: Information and Recommended Links for Co-Survivors

How you can help

• If you have ever secured a loan for a car or house or other large purchase then you will be able to help someone fill out the applications and understand what is required of a repayment schedule.
• Perhaps your own financial institution such as bank or credit union could provide a low interest loan. Sharing this information will be a great benefit to a student.

What to say   

• "The job you’ll get with your diploma will help you pay off your loan.”
• "A lot of students need loans to pay for their education.”
•  “Don’t let the idea of taking out a loan stop you from going to college.”

What not to say

• "You’ll be in debt forever.”
• "How are you ever going to pay this off?"
• "You’re taking on too much responsibility."

Things you can do for a student with loan debt

Check in to with them to find out if they are making their payments on time. Encourage them to ask for help if the payments become too burdensome. Sit down with the student and help them plan a monthly budget of expenses to help them manage their finances.  

So You Wanna: So You Wanna Pay Off Your Student Loans?

How to build a support network

• Set up your TSC Co-Survivor Profile
• Create a support group for your friend or family member.
• Interact and provide updates

After paying off your loan, assess and share with others how you feel emotionally, mentally and spiritually.  By telling your story, you can not only put into perspective your thoughts and feelings but you can provide hope to others who are going through a similar journey themselves, whether it be with a student loan or other financial burdens. 

Repayment

Having to repay a student loan shouldn’t mean that you put your life on hold. You’ll find that most doctors, lawyers and other businessmen and women are all paying back loans while thriving in their chosen careers.

MSNBC Today: Saddled with Student Loans? Here's What to Do

There are numerous financial experts who offer strategies for paying off your loan. Taking their advice means you’re taking proactive steps to manage your loan. This will make the repayment process free of stress and anxiety.

CBS News: Student Loan Payback Strategies

Upon graduation, certain loans offer “grace periods” or deferments until you find gainful employment. You should be aware of these choices before signing up for any loan.

Federal Student Aid: Repaying Your Loans

Give back

What helped you while you were dealing with repaying your student loan? Take a look back at your journey and share with other what helped you and what you wished you would have known/done during your student loan experience. You can create a profile, reach out to other survivors, join support circles or share your story by following the links at TheSurvivorsClub.org

Defaulting on your student loan means you cannot afford to make your repayment obligations. This will have a negative impact on your credit score and prevent you from securing future low interest loans for cars, homes or refinancing. But even in default there are still options available for you to handle this situation:

Default Management Services 

For advice on overcoming default challenges related to your student loan debt read through:

Education Assistance Corporation: Get Your Loans Out of Default