The following is a guest post from Jonathan Mack of Aristotle Circle:
On top of all your other college considerations – location, major and school size, to name a few – think about your money. With the economy and job market the way they are, you need to start thinking about your long-term financial situation, and that starts with reasonably and responsibly planning for student debt.
According to The Project on Student Debt’s Student Debt and the Class of 2010 report, nearly two thirds of graduates from 2010 have an average debt of $25,250. These numbers have been rising steadily over the last several years and the $25,250 owed represents a 5% increase from 2009. In addition, the annual unemployment rate for college graduates is the highest on record, (9.1% in 2010 compared to 8.7% in 2009).
Happy National Scholarship Month! It’s November, and we’re back with a fresh batch of information about scholarships with upcoming deadlines! As you begin to narrow down your list of colleges that you want to apply to, make sure you spend some time on scholarship applications as well. Every dollar you earn in scholarships is a dollar that you won’t have to pay for out of pocket, so make the effort now!
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Now let’s see what we’ve dug up this month…
As part of a series of efforts to boost the economy, President Obama announced a new plan last week aimed at relieving the debt burden faced by low-income graduates. His program is two-pronged: it will add consolidation options for borrowers with a combination of FFELP and Direct Federal Loans, and it will lower the required monthly payments for low-income borrowers who graduate in the coming years.
The new provisions for low-income borrowers will affect many thousands of Americans, while the debt-consolidation program could aid over 6 million who currently hold both FFELP and Direct loans.
This week we have another question submitted through our Ask the Experts form. if you have any questions about financial aid or paying for college, be sure to submit them here.
This year I did not work at all and so I will not have any tax returns to file. How then do I apply for financial aid and how can it affect my aid? I’ve have had aid for the previous couple of years.
The following question was submitted via our Ask the Experts form:
Hi, I am having a problem with FASFA. I submitted my form online, and imported my tax return from 2010, as requested. However, last year I worked full time and went to school at night. This year I go to school full time and work part time. My financial situation has completly changed. What types of documents can I show FASFA that they would consider to be a current reflection of my financial situation?
Thanks for the question, Kristy! This is a fairly common question, and one that you should be able to resolve without too much trouble.