This is an important issue for all college students. The rising cost of tuition, fees, books and supplies has led to a major increase in student loan borrowing as well as credit card use.
If you use credit or debit cards to supplement your costs or living expenses you will have an additional financial burden while repaying your student loans. We encourage you to borrow sensibly and prepare a monthly budget to calculate your expenses and salary before you use that credit or debit card.
If you need further assistance, contact your lender for loan consolidation and debt management information:
Options for resolving student loan default include:
- Payment in full
- Repayment arrangements
- Loan consolidation
- Loan rehabilitation
Contact your lender for more information.
Don’t know who your lender is? Find the current holder or guarantor using the National Student Loan Data System (NSLDS).