Sunday, January 16, 2011

Sallie Mae Managing Your Loans----Are You Crazy?

The Savings Game: Getting out from under student loan debt
By Anya Kamenetz
Tribune Media Services
Recently, a young woman named Kelli Space made headlines for setting up a website at begging the world to help with her student loan debt.

Kelli was the first in her family to go to college, which may explain why nobody warned her about the dangers of student debt. Her loans, both federal and private, for her undergraduate degree at Northwestern University total $200,000.

That’s enough to buy a first house, or almost ten times the $24,000 that the average graduate takes home with their diploma. So far, Kelli’s collected a few thousand dollars in donations and a lot of negative feedback for asking for a handout. But I have a few words of advice for her and anyone else in over their head with student loans.

1) Don’t panic and don’t disappear.
It is easy to “forget” about your student loans, especially while the six-month grace period is still in effect after graduation, but this is a really bad idea long term.

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