The nonprofit reports that average debt for college seniors who graduated with loans in 2008 rose to $23,200 in 2008, up from $18,650 in 2004. Roughly two-thirds of students graduate with student loans, government surveys show.
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“Two reforms currently moving through Congress – the Student Aid and Fiscal Responsibility Act and legislation creating a Consumer Financial Protection Agency – could help limit the need to borrow and reduce the unnecessary use of risky private student loans.”;
www.pewtrusts.org/news_room_detail.aspx?id=56283
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Student Loans Demystified, These days close to half the students in four-year colleges take out loans. This section should help to clear up some of the confusion. ... Financial aid is quickly becoming a synonym for student loans. ... If your college participates in the direct-student loan program then the choice is made --
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Award Letter Separate, official notices sent to each student from the financial aid office at (each) college(s) where the student has applied for admission. ... The Exit Counseling sessions provides these first time borrowers basic information about student loans and the terms and conditions of the Stafford Loan program.
www.americanstudentloan.org/tools/glossary www.americanstudentloan.org/tools/glossary