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Could debt consolidation plans help Washington students?

Seeking a college degree takes time, hard work, commitment and money -- and not always in that order. Frequently, college students in Washington and every other state leave with more than the desired sheepskin; they may also have accumulated a heavy debt load through loans and card debt. Students may find that they benefit by having a financial attack curriculum -- which could include debt consolidation -- in place before they graduate.

Recently, a guest writer for a university penned a column geared toward advising students about the necessity of handling accumulated debt before they leave the confines of the scholarly world. The writer stressed the potential problems that could haunt students who not only fall behind in credit payments but who carry too much debt in general. Many students may not give a great deal of thought to how debt, even if current, can affect their lives after school.

The author pointed out many of the pitfalls that could line the road to the future if bills are not managed in a timely fashion. The fact that employers, banks and housing managers may all take a credit history into account may have enlightened students to the vital role that finances play in their lives. He advised that those who are supporting a high debt load should possibly seek help in coming up with a strategy for paying off debt in order to approach their graduation without the anxiety that money woes can induce.

Many students, whether they are attending school in Washington or elsewhere, are bound to find that they are carrying some debt, either in college expenses or through the use of credit cards. Some estimates place the current debt of college students to be around $35,000. For those students who are struggling to cope with excessive debt, there are resources that could help them draft a debt consolidation plan. Further, though student loans are not usually included in a bankruptcy petition, filing for bankruptcy can allow a person freedom from all other debt, so that he or she can concentrate on paying back a student loan.

Source: sdsu.uloop.com, "Take Care Of College Debt Before Graduation Day", , April 23, 2014

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