Borrowers More Wary of Student Loan Debt

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By Consumers Union on Monday, April 8th, 2013

As some students face graduation and an uncertain job market this Spring, others are asking tough questions as they consider enrolling for college and taking out student loans.

NPR reported yesterday that more students are taking steps to minimize their future debt burdens by asking about the loan process, interest rates, repayment plans and other important terms before they sign their promissory notes.  As student loan debt remains at an all-time high, it’s becoming crucial for all students considering college to weigh the financial consequences of where they enroll and how they finance their educational costs.

For interactive tools to help compare the costs of different colleges, check out the CFPB’s Paying For College webpage.

If you’re about to graduate and start repaying on your loans, the CFPB also has a handy Debt Repayment Assistant.

Consumers Union is working hard to ensure that students are treated fairly throughout the loan process, from the time they enroll in school until the day they make their last payment.  To see our Seven Principles for Fair Student Lending, click here.

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