We have seen student debt reaching an all time high in 2010, surpassing the credit card debt for the first time in the history of the U.S economy. Last year, the students completing their colleges left with an average of $24,000 in student loan debt and are still in search of a valid debt relief option. There is no doubt that the cost is higher in those private colleges where the annual tuition cost stands as $50,000 a year. We considered student loans as good debt as it’s likely to benefit the entire life of a student. But with unemployment rate rising- 8.7 percent in 2009, up from 5.8 percent in 2009, it’s now a debatable issue whether we can still count student debt as good debt.
Now a days college students are opting for default and debt management programs to get relief from these displeasing situations. This article discusses three essential tips to pay back your student loans.