Here’s a good resource for any college student you may know who is struggling with student debt. The NYT has a handy list of advice for students who are juggling loan payments, complete with with a list of references and a student loan calculator. A sample:
[…] repayment needs to begin with an accounting of every individual loan. Start with whatever is in your files. Then check to see whether you’re aware of all of your federal student loans. Borrowers can use the National Student Loan Data System website to get the details. […]
One critical piece of information you need: Who is the so-called servicerthat will collect your payments each month on behalf of the federal government? You may have more than one, and you’ll want to know how to contact them to ask any questions you may have about your payments.
In her book “CliffsNotes Graduation Debt,” Reyna Gobel suggests starting a simple spreadsheet to track every loan. For people who need to track down all of their private loans from nongovernment lenders, she suggests they should get copies from annualcreditreport.com of all three of their credit reports. These loans should show up on at least one report, though not all loans may be on all of the reports.
Dealing with student debt is a daunting prospect, but these simple and practical suggestions will certainly help. Read the whole thing.