October 19, 2007, Newsletter Issue #38: Managing College Debt

Tip of the Week

A note of caution for students as you make your way through the college experience: review carefully your financial aid award package each year. You will be surprised at how quickly your student loans can add up. If you have federally funded student loans, once you begin the repayment period you are liable for all of the debts that you accrued to make your college dream a reality. This would be a bad time to fail to meet your financial obligations. Repaying your student loans should be a priority to keep you from destroying your credit history. Failing to repay student loan debt can result in you having judgments placed against you and wage garnishment. Have your wages garnished to repay your student loan obligation, forces you to live on a lower monthly income because you donít have a choice in the matter and neither does your employer.

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