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Credit card debts not the biggest anymore

[Sunday, April 24th, 2011]

Credit cards aren’t the biggest source of American debt anymore as student loans seem to have exceeded them this year. The student loan debt which could well reach the trillion dollar mark this year is currently at $800 million, over and above the credit card debt. In fact, students from many universities feel that this is a genuine crisis that can have long standing implications on their career, and could put them in a dilemma regarding the options that they have.

Student loans could increase in magnitude with planned cuts in the PELL grants for students from low income groups. There are expected cuts in the HOPE scholarship program as well and together, the implications could be serious and could mean more borrowing for the students. Students have been advised by financial aid directors to only borrow what they really need to.  Keeping the debt levels low is of paramount importance. This is because the amount of loan can affect the career path. Hence students have been advised to keep the debt to a level where they can fulfill their goals. It is strictly unadvisable to have debts higher than what they really need.

Students have also received words of courage, when it comes to repayment. Lenders are indeed willing to help students in financial trouble as they wouldn’t want students to really go into default. There have been promises of regulation in the student loan industry as per the student aid and fiscal responsibility act that was passed last month.

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