Chicago College Students Feeling More Financial Burden

September 22, 2011

The fall semester is here and for college students everywhere, this year may feel a bit different than years past. That feeling is probably not due your school’s new sports team or dining hall. Instead, the change is most likely due to a greater financial burden being placed on your shoulders. As Chicago college students head back to school, several changes aimed at reducing the national debt have unfortunately raised plenty of personal debts.

A recent post on the FreeScore blog looks at some of the changes affecting student loans. In “Back to School May Cost More for College Students,” the credit experts at FreeScore break down these new policies.

As a consequence of new revisions in the recent congressional debt deal, students may have to repay future loans earlier than they originally thought. Republicans and Democrats also agreed to eliminate the discount for undergraduate students who make their first 12 loan payments on time. While these changes affect every student, graduate students are at a greater disadvantage. Starting next year, the government will no longer cover the interest that accrues for graduate and professional students while they’re in school.

With U.S. college loan debt having surpassed college credit card debt, adding to the financial burden seems unfair. It would be one thing if students trying to pay off debt while in school weren’t affected later in life, but the truth is that bad credit decisions follow you wherever you go. Poor credit management now can hurt your chances of obtaining a mortgage for a first home, car, or new business venture years down the road.

If you need tools and tips for managing your debt and your credit, visit the FreeScore website.

Categories: Economy

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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