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Financial Aid Tip of the Month, July 2006; Private loans bridge ...
Many sources of financial aid are available to help college-bound students pay higher education expenses, including federal and state grants, scholarships and Federal Stafford and PLUS Loans. In addition, merit-based scholarships and need-based grants are often available at the local level.All these programs may help ease the burden of paying for college; however, sometimes it is not enough to pay college costs. When that happens, parents and students may take advantage of private student loans, usually called alternative loans.In addition to providing Federal Stafford and PLUS Loans in Kentucky, The Student Loan People, Kentucky's only nonprofit student loan provider, offers the Advantage Loan. This loan helps bridge the gap between the cost of college and the financial aid a student has received.
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Students' debt load surging, study says
The debt taken on by college students to pay for their educations has risen three times as fast as the cost of living, according to new figures released Thursday by a student advocacy group.
The average loan debt among public university graduates who borrowed money grew 115 percent nationally from 1993 to 2004, to $17,250 from $8,014, the study by the Oregon Student Public Interest Research Group said. In the same period, the cost of living in the Willamette Valley rose 32 percent.
College costs have risen faster than medical costs, which grew 62 percent in the 11-year period.
"I have $30,000 in student debt, and that's just for four years of college," said Francisco Castillo, who graduated from the University of Oregon in June with a bachelor's degree in political science.