Student Debt Counseling can be a real Godsend for recent graduates. But in the harsh economic climate of today, their professional job search can cause them to not get instantly into their chosen field upon their graduation. Student loan debt: what’s next for today’s graduates? Student debt: how much of a headache is it really in the current economy? And just how can post-secondary schooling further help an economy? If you’ve been unemployed or otherwise unable to work during your schooling, student debt can be overwhelming. Many graduates are saddled with student loans that have multiple interest rates and balloon payments looming over their heads. While many are able to defer payments until they obtain employment, the amount they are able to defer depends on their net salary and the state they reside in. When students graduate, they usually find themselves facing student debt that totals tens of thousands of dollars and requires repayment in five to ten years, there is currently no Debt Statute Of Limitations on student loans. With unemployment rates high on college campuses, student debt can be particularly daunting for recent graduates.

How Student Debt Counseling Can Help

Student debt counselling can be a life saver when students are facing large amounts of student loan debt. In addition to having their tuition and fees covered, most student debt counselling services also offer budgeting tools, financial education, and advice for finding a new job. Furthermore, many services also offer credit repair assistance. These services can help graduates cut their credit card balances by consolidating all their student loans into one lower interest payment. Student loans are issued through public funding; this means that graduates will not see any benefit from any federal, state or local assistance programs. Most private sector institutions offer some type of tuition fee assistance, however, this is not always true. Student loans are issued on the basis of need, which means that public funding does not make this scholarship available. The only real resource for student loan debt counselling is the government.

Private sector loans offer more options and are usually more forgiving of mistakes than public funding. Repayment plans are typically easier to set up with these loans and are often supported by generous grants. Most student debt relief agencies can walk graduates through the process of applying for a new private student loan with great detail and guidance. There are even student loan debt counselling agencies that can help negotiate payment plans with lenders and consolidate repayment schedules. Student debt counselling services are very beneficial to any student who has difficulty managing their finances. There is a lot of information that must be taken in to properly understand how to use credit counselling services. A student debt counselling service should not be confused with a credit counselling agency. Student debt counselling agencies handle the repayment portion of student loans, while credit counsellors deal with lenders directly. They work directly with students to ensure that they pay off loans, establish new repayment plans and find ways to improve their credit ratings.