Statistics have shown that young spenders are increasing their frequency visiting online payday loan lenders. Young money, represented by those who are just getting started in the work force, is looking for relief with payday loan lenders. According to a PEW study, women between the ages of 25-44 are more apt to use payday loan lenders as a way to keep monthly budgeted expenses running properly. Could post-graduates be a part of the future statistics?
As the costs for higher education continue to increase and student financial aid dwindle, the concern of graduates needing financial assistance after graduation is alarming many. It is a fact that the starting salary for a college graduate is normally higher than without. The changes in Stanford loans may hurt more of these graduates. What used to be forgiveness for interest with qualified subsidized federal help is now becoming the responsibility of the young money earner. Six months after graduation, a college student is expected to start paying off some of the biggest debt facing a young person. The economy and high unemployment rate facing these young graduates are keeping many of them at home or struggling to get started.
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Students are being warned about credit cards. Even though the accessibility of cards for students has increased over the years, those carrying debt are going to have a tough time making ends meet once in the "real world". Cuts in student aid have left more students not qualifying. Credit cards are providing relief to many from school supplies to living expenses. Parents are struggling themselves with their own finances so many college students are turning to creditors for assistance. Those who continue education into graduate school face even larger amounts of debt.
Many students carry their school work load along with part time jobs. Efforts are being made to help pay for costs. The cost of dorm life has many more students looking into apartments and even home rentals.
If choosing to not use payday loan lenders or credit cards, what choices to students have?
*Go to family. Normally this option is frowned upon, but anyone just starting out is an exception to that rule. This is usually applied to those who have already created bad credit for themselves which can negatively affect relationships if the loans go sour. A family member is a great person to ask to be a co-signer with a bank or a rental lease.
*Make a budget with prioritized payments. Student loan payments and any bill which has a co-signer must be set as priority.
*Start saving. Even if it is just $25 per pay period, this amount is just a starting point. You will appreciate having a few extra hundred dollars when emergency cash is needed. This is your first step in keeping yourself away from using payday loan lenders or credit cards.
*Be realistic towards any purchase. Separate needs from wants and keep away from third party money until you have the income to support the purchases after budgeted costs are separated.
*When you do need third party money, choose a lender or creditor which best fits your situation. Look at both long-term and short-term situations and make good choices.
Those entering the workforce will experience some on the job lessons with handling finances, but the more education you have on the subject could better prepare you from falling into too much debt.
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