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Repayment options for grads in the tough job market
By Sam Craine on Aug 28th, 2010
Since the 2008 recession, the job market has been bleak for recent college graduates. In July, the Labor Department announced that the unemployment rate had hit 9.5 percent in the U.S. Without a steady income, it can be difficult for grads to pay incoming student loan bills.
WXOW News in Wisconsin reports that the average college student graduates with $20,000 in debt. On top of credit card debt, it's an uphill battle, but the television station says there are a few things grads can consider to relieve the pressure of monthly payments.
Nonprofit organizations, such as AmeriCorps or the Peace Corps, may offer student loan repayment options. Those who choose to enter the teaching profession in a high-risk area may receive relief from the government as well. Graduates entering the medical or law field may be eligible for forgiveness programs or deferment options if they choose to continue their education.
Paying down debt is crucial to maintaining a good credit score and payment history. Graduates struggling with monthly payments could consider loan consolidation. By combining debt and taking out a loan with a lower interest rate, borrowers could reduce their expenses.
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