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4 Steps to Make the Most of Your Student Loans

San Mateo, CA (PRWEB) July 20, 2006 -- Now that this year's cap-tossing and graduation parties are in the memory banks, the reality of paying for that higher education is setting in -- but students still have options to choose the best way to handle college and graduate school debt.

"Most Americans with student loan debt saw a flood of news articles encouraging borrowers to consolidate their loans before government loans underwent their annual interest-rate increase on July 1," said Brad Stroh, chair of Bills.com, who noted that because of the rising U.S. interest rate environment and a government-mandated reset of rates on student loans, rates on federal student loan debt increased by a substantial 1.84 percent on July 1. "Now that student loan rates are no longer at the 3 percent interest rates they hit during the economy's slowest days, it pays even more to be savvy about borrowing for school or returning to school."

According to FinAid, two-thirds of college students borrow to pay for school, with an average loan debt of nearly $20,000.

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Career loans mean lack of funds need no longer be a bar to MBA ...

With MBA programmes now costing as much as $ 75,000, one question seems to occupy applicants more than any other: how can I find the money to pay for it? Every year recruitment agency TopMBA surveys nearly 4000 aspiring MBAs around the world to establish whether finance is likely to prove a barrier to study.

The most common source of finance is the education or career loan. Here we look at some of the sources of such loans.

Citizens from the UK can borrow up to two-thirds of their pre-study salary in any 12-month period from NatWest to fund an MBA. Applicants need to contribute at least 20 per cent of the course fees from their own resources. HSBC offers loans to students of a number of British-based schools. This facility is open to students from around the world.

In the US, Citibank's student loan division provides standard loans and also partners with schools to provide tailored packages.

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