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On average, the wage premium for college graduates exceeds the direct and indirect costs of a college education. Average income increases and unemployment rates decrease with higher educational attainment. So long as debt is kept in sync with annual income after graduation, the college graduate should be able to repay his or her student loans in a reasonable period of time.
Student loan debt at graduation is considered reasonable if the college graduate’s annual starting income is sufficient to repay the student loans within a reasonable number of years after graduation. So long as total student loan debt is less than the annual income, the borrower will be able to repay his or her student loans in 10 years or less.
Learn the most effective methods of increasing a student’s chances of winning a private scholarship.
On Monday, Illinois became the first state to sue so-called debt settlement companies for fraudulent student loan practices. The New York Times reports that two companies, Broadsword Student Advantage and First American Tax Defense, were sued for charging customers for debt assistance they never received. Debt settlement companies, which consumers pay for help consolidating their loans and decreasing their monthly payments, have long had a reputation for taking advantage of desperate borrowers eager for a quick fix.