Nov 03, 2006
EdFed News Wire

America's Top Student Loan Consolidator
Friday, November 3 , 2006
Know Your Loans
By Emily Zaborniak
When the scramble to earn financial aid is on, college students might find themselves accepting student loan offers without doing much research on them. At the time, it is a resounding sigh of relief to have the costs of education temporarily funded; but when the tassels are moved and the diplomas are mailed, many graduates find that they should have learned more about their student lending.

One of the biggest missteps occurs when the difference between federal and private loans is overlooked. True to their name, federal student loans are guaranteed by the federal government; therefore, currently, they carry a fixed interest rate of 6.8%. Even though the overall "fixed" rate may fluctuate yearly, a borrower still has the opportunity to lock it in. Concerning private loans, there is no cap on the interest rates and fees lenders can charge-as a result, unsuspecting borrowers find themselves buried in debts larger than anticipated.

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Sponsored by LawSchoolLoans
New Loan Forgiveness Program

By Emily Zaborniak

There are few ways around it; law school is expensive. For many graduates, future, expendable salaries will help cover the student loan debt that amounts during their years of study; however, some law professionals who decide on public interest positions forfeit the lucrative wages of a private sector career. As a result, they have difficulty managing the costly, monthly payments that are expected when the bills arrive.

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Spellings: colleges need to be more accountable

"The need [is] to make colleges and universities more accountable for results and, at the same time, increase need-based aid," said U.S. Secretary of Education Margaret Spellings while commenting on the College Board's annual report on the cost of higher education, "Trends in College Pricing 2006."
Advanced degrees equal higher salaries

A U.S. government report confirmed the common knowledge that well-educated people enjoy better jobs and larger paychecks. Census Bureau statistics show that the higher a student climbs academically, the higher his or her pay expectations will be. According to recent data, the average annual salary for college graduates is $51,554, nearly $32,385 higher than that of high school dropouts, while those with high school diplomas (or the equivalent) earn an average of $28,645 per year.

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