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Yielding Mutual Benefits by Strategically managing Student Loans Debt |
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After a BA in economics in 1994, White managed to finance the degree through scholarships and work-study, running a debt of $6,000 in student loans. Working in a nonprofit housing agency in Philadelphia followed for three years after which she enrolled at Clark Atlanta in 1997, heavily depending on loans for living expenses. By the time she got her MBA her student loans debt rose to $50,000. Without a doubt costs of higher education are skyrocketing. If the last two decades are any indication, the price of two and four-year public and private colleges are exceeding inflation and family income. Last year the average tuition and fees for four-year public colleges increased almost thrice as fast as the national inflation rate. Thus, students of all economic levels are compelled to borrow for financing education. The time is ripe for getting the better of your debt with interest rates for Federal Stafford Loans at an all-time low. The debt incurred for education should be seen as a major investment in oneself. An example of the benefits of investing in education is Fern Williams White, 31, a 1999 graduate of Clark Atlanta University with an MBA in finance. As account associate for an Atlanta financial services firm, her salary has doubled thanks to the degree. White got her student loans bills under control shortly after graduation by consolidating all her Federal Stafford Loans. In place of the five payments to separate lenders her monthly payment is now $391 with a saving of $150 a month. Her consolidated Stafford Loans amount to $280 with a fixed interest rate of 7.375% over 20 years. The remainder goes into a private |
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