The Association of Independent Consumer Credit Counseling Agencies recently released tips for students seeking student loans, cautioning students to research all payment options, as well as their career earning potential, before taking on loans.
The CFPB estimates that student loan debt has reached the $1 trillion mark, with the average debt totaling $24,301. Approximately 60 percent of students borrow every year to help cover college costs, and approximately 12.8 percent are in default.
“Starting a career with a large student debt load is crippling many graduates,” AICCCA President David Jones said. “Those that did not research the projected salary for their career path are finding they do not earn enough income to pay back their student loans along with all their other living expenses.”
AICCCA advises students to consider that student loans are not discharged in bankruptcy proceedings, to research all scholarship and grant opportunities, to learn what kind of earning potential to expect from a prospective career, to apply for only federal loans when possible and to consider a community college for the first two years of school.
Founded in 1993, the AICCCA was established to promote equality and consistent delivery of credit counseling services. The organization focuses on improving creditor relations and advanced technology to serve its clients and creditors.