Student in Debt Problem

As you know, i'm still student and need to pay for many thing like bills, food bills, internet bills and many thing. I hope i can pay all that with my own money and can reduce my debt a little. So, what can i do next??

Student debt is rising every year. College costs, as well as graduate school costs, have gone up faster than inflation. Pell grants have not kept, but, Stafford loan and other federal student loan interest rates are near record lows.

College Student Loan Debt

A recent study by the National Center for Education Statistics (1) shows that about 50% of recent college graduate have student loans, with an average student loan debt of $10,000. The average cost of college increases at twice the rate of inflation; the College Board (2) estimates that public school costs an average of about $13,000 a year and private schools costs $28,000.

Planning Your Financial Aid Package

There are a variety of financial aid options, from scholarships, grants, federal loans, and private student loans. There are several great resources for planning your financial aid. First, try the Student Aid Wizard from the US Federal Government Dept. of Education. Of course, individual schools provide scholarships to attract the students they want, but there are also many private or non-profit organizations that provide information on student aid. We've compiled a list of sites and organizations that provide Financial Aid and Student tax information.

Reducing Your Student Loan Debt Burden After College

Once you've graduated you have to start paying back your student loan debt. There are many ways to reduce to your debt load, the most common among them is to consolidate student loans or simply to refinance your student loans. There are two main benefits to student loan consolidation.

The bigger benefit is reducing interest rates, and therefore monthly payments and overall debt. Interest rates are near record lows now, so chances are you'll get a better rate now than when you first got your loan.

The second advantage is reducing the number of creditors. This makes it easier to keep track of your payments. More importantly, it means you only have to deal with one creditor if you're late with a payment or need to renegotiate your loan for some reason.

Of course, you can't consolidate student credit card debt in with your student loans - these are very different kinds of debt. However, you can consolidate credit card debt through private companies, and you can potentially consolidate your private student loans into the same loan. But remember, federally funded student loans have much lower interest rates than private loans, and if you roll them together you would be required to use the higher interest rate - so keep private and federal student loan consolidation programs separate.

Reducing monthly payments also helps to keep all of your loans current (that is, it keeps you from having any defaulted student loans, which can affect your credit very badly).

Anyway, if you interested, you can read more about debt and student debt in this link:

1. Studentloan
2. NCES
3. Credit card debt

Ps: Huh, i feel crazy now and don't know how to start first..