Will the government’s agreement on the debt ceiling result in more people struggling with student loan debt? While the deal keeps the Pell Grant program intact, loans subsidized by the government will take a hit in July 2012. That could result in students struggling to keep up with interest, ratcheting up their total debt.
Currently, subsidized loans don’t require payments on interest until after students leave school. But the government’s debt ceiling deal would require graduate students to begin paying interest on student loans while they are still in school. If they don’t make payments on interest it would accumulate, which could lead to more people struggling to afford student loan payments after graduating.
Get help with debt
There are some options for dealing with mounting student loan debt. Student loan debt consolidation could allow you to combine several loans into one monthly payment and interest rate. Federal
There are always fluctuations that occur with your financial situation. Being prepared for the ups and downs that happen is one of the key components to smart financial planning. What type of savings account should you create? What savings account options are available? How much money should you set aside in savings? With the future always being an “unknown” it is best to create an emergency fund that you can live on for at least 3-6 months. Here are some tips to follow as you create an emergency fund:
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