Unfortunately, so are the costs. The average annual cost of attending a four-year private university is now $30,367, according to the College Board's study. The average cost of attending a public university is almost two-thirds less: $12,796.
Federal and state guaranteed student loans were introduced as a way to allow students who qualified under their school’s financial aid criteria to obtain financial loans without getting tripped up looking for qualified lenders. But then private education lenders infiltrated the student loan market.
Private education lenders have affected the way student loan consolidation is allowed and financed. Private student loan lenders have become fat as the cost of higher education has risen, to the tune of 18 percent of all student loans and to about 10 percent of all student aid awarded -- a total of $13.8 billion in 2004-2005.
Keep in mind, just because a lending institution is listed on a school financial aid department’s preferred lender lists does not mean that loan will qualify in future for student loan consolidation. Private education lenders are not obligated to advise borrowers of this.
If you plan to take on heavy student loan debt you should know whether or not your lender will allow student loan consolidation in the future. If you are a new student, don’t be tempted by a huge financial aid package that may not be in your best interest to accept after all, if in the long term student loan consolidation is not allowed.
There can be huge financial struggles to pay for school and to support yourself or a family, but a college education almost always pays off in higher income levels.
Student loan consolidation is one of the ways new graduates can get on track with handling their money. The debt load of attending college can be heavier than either students or parents can get a handle on. Student loan consolidation can help.
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Student loans are a great source of financial aid for students who need help paying for their education. Unfortunately, students often leave college with burdensome debt.
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