Tips for managing student loan debt

One of the big issues baby boomers face, along with delayed retirement due to the Great Recession, is how to finance college education for their children. Or, it?s possible that boomers themselves are going back to school if they?ve been laid off.

Americans owe more than a trillion dollars in student loan debt. That?s more than they owe on credit cards and car loans ? and it?s still growing.

If your family is going to invest in a college degree, you want to be able to choose the best deal for your situation.

Students and their parents are overwhelmed with options and aren?t sure how to compare them. With the difficulty of comparing options, they?re left to their own devices when making a choice that will have significant consequences for their financial futures.

During National Consumer Protection Week, the Consumer Financial Protection Bureau offers these tools to help families in their decision making:

Paying for College

From start to finish, the bureau can help you make informed financial decisions about paying for college.

Repay student debt

While the agency can?t give you advice for your exact situation, it can point you in the right direction.

Choose a loan

Three steps that can help you get the right loan for you.

Submit a complaint about a student loan or a bank account or service

The agency will forward your issue to the company, give you a tracking number, and keep you updated on the status of your complaint. Even if you have federal loans, the agency can help make sure you get to the right place to submit a complaint.

Managing your college money

Choosing your first bank or credit union account is an important decision. Making a smart decision now will mean fewer surprise fees that can add up later.

Compare financial aid and college cost

The agency is building a tool that will let you compare financial aid offers so you can see how all those numbers impact your payments down the road.

For more information for boomer consumers, see my blog The Survive and Thrive Boomer Guide.

Source: http://blog.seattlepi.com/boomerconsumer/2013/03/06/tips-for-managing-student-loan-debt/

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