Zero Debt for College Grads: From Student Loans to Financial Freedom
As the cost of a college education continues to increase at a rate of about 9% annually—nearly three times the rate of inflation—more and more college students are taking out loans to cover tuition, fees, and other expenses. Median undergraduate student loan debt is currently close to $20,000, and graduate students end up with an additional $32,000 in debt upon graduation. Pile on thousands more in credit card debt, and many college students today graduate with massive financial burdens that...
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As the cost of a college education continues to increase at a rate of about 9% annually nearly three times the rate of inflation more and more college students are taking out loans to cover tuition, fees, and other expenses. Median undergraduate student loan debt is currently close to $20,000, and graduate students end up with an additional $32,000 in debt upon graduation. Pile on thousands more in credit card debt, and many college students today graduate with massive financial burdens that they are not prepared to handle. In Zero Debt for College Grads, noted personal finance expert Lynnette Khalfani provides a thorough roadmap for stress-free living that will allow recent graduates to focus on their burgeoning careers while navigating the ups and downs of their financial responsibilities.
Introduction: The Student Loan Dilemma viiThe Fallout from the Student Loan Crisis viiiLessons from Financially Liberated College Grads ixMyths vs. Facts about Student Loans xIs a College Education Worth the Price Tag? xiiWhy Current Students, College Grads, and Parents Need this Book xiiiManage Today's Bills WiselyPersonal Finance 101: Smart Rules About Budgeting, Credit, and Debt 1Five Critical Money-Management Lessons You Didn't Learn in School 2Common Budget-Wreckers 14Create Your Own Budget 15Stick to Your Budget 17Boost Your Financial IQ 18Cut Your Costs: Save on Housing, Transportation, Clothing, and More 21Live Large on Small Change 21Save on Housing 23The True Price of Your Car 24Save on Food and Household Items 27Save on Utilities 29A Wardrobe on a Budget 30Affordable Entertainment 31Make Sure You're Insured 32Fatten Your Bank Account: How to Find or Create Extra Money 35Squeeze Lots of Extra Money Out of Your Job 36Turn YourHome or Apartment into a Goldmine 41Cash in on Those Freebies You've Earned 45Is "Free" Money in Your Future? 46Borrowing for Emergencies 50Pay Off Student LoansMaster Some Student Loan Basics: Understanding the ABC's of Your College Loans 55Determine What Type of Loans You Have 56Understand the Difference Between Federal and Private Loans 59Figure Out How Much You Owe 61Identify the Key Players in the Student Loan Business 63Assess the Status of Your Student Loans 64Pay Now: Smart Options to Drastically Reduce Those Student Loan Bills 69Standard Loan Repayment Plans 71Extended Repayment Option 72Graduated Repayment Program 74Income Contingent Repayment Plans 77Play "Let's Make a Deal" 82Negotiate Your Own Monthly Payment 83Let Uncle Sam Help 86Pay Off Private Loans 87Other Pros and Cons of Private Loans 89The Pros and Cons of Loan Consolidation: Should You Roll All Your Loans Into One? 91Eligibility Rules and Other Requirements 92Who Should Consolidate Student Loans - and Who Shouldn't 95FAQs about Student Loan Consolidation 97Pay Later: Savvy Ways to Put Off Making Payments 103Are You Eligible for a Loan Deferment? 104Fight for that Forbearance 109Economic Hardship Cases - and Help from an Ombudsman 110Clean Up Defaulted Student Loans: How to Bring Overdue Accounts Current 113Student Loans and Your Credit Report 115Wage Garnishments 117Who's in Default and Why? 124What to Do and What Not to Say 126Consolidate Your Loans 127Loan Rehabilitation Programs 130Eliminate Student Loans with Loopholes: Qualify for Loan Cancellation or Get Others to Pay 135Loan Cancellation Programs - Big Hassles, Even Bigger Payoffs 136What to Do if Your Discharge Application Is Denied 142Loan Forgiveness Programs and Loan Repayment Initiatives 145Repayment Assistance Programs Nobody Told You About 151Build Great CreditWipe Out Credit Card Debt: Free Yourself from America's #1 Financial Plague 163Attack Your Area of Pain 163Tips for Negotiating with Creditors 167Call Your Creditors When You Face the "Dreaded Ds" 173Understand Credit Reporting Laws 176Consider Bankruptcy as a Last-Ditch Resort 177Get a Fresh Start with Creditors - Without Bankruptcy 177Establish Great Credit: The Three-Digit Number That's More Important Than Your GPA 183Secrets to Boosting Your FICO Credit Score 183How "Inquiries" and New Credit Applications Affect Your Credit Standing 192Building a Credit Rating Without Taking on New Debts 193Sneaky Tricks Some Credit Card Companies Play 198Prevent Identity Theft from Ruining Your Credit 203Credit Tips for Couples 205Afterword 208Acknowledgments 211Zero Debt Checklist 212Resources 217Index 219About the Author 224
