DETROIT - Many college students are taking more of a heavy load of classes this fall - credit counseling careers.

Total student loan debt exceeds the total debt of credit cards in this country, with $ 850 billion in circulation, according to Mark Kantrowitz, publisher of FinAid.org and FastWeb.com, websites that provide information about student aid and scholarships.

Student loan forgiveness

Consumers should $ 828 billion in revolving credit, including credit card debt, according to seasonally adjusted figures in a report in July on the credit of the Federal Reserve.

Finaid.org said first happened in June.

Interestingly, some students do not even know what they should - or with whom.

"I have fear of knowing," said Carl George, 20, of Detroit, a third year of biology at Wayne State University. She knows her mother, at one point about $ 10,000 provided through a federal Parent Loan for Undergraduate Students. The PLUS loan allows parents to borrow for expenses not covered by financial aid package.

George estimated to have taken at least $ 10,000 in other loans.

"I think it's a lot more," he said.

A college diploma and a good job is supposed to be the reward for years of hard work in school. However, for thousands of students today, there will be a payback, too - as the loans are due after graduation.

Some college students are not economically well before obtaining a diploma - or a higher salary.

"Students are much worse today with student loan debt," said Alan Collinge, who runs a website called StudentLoanJustice.org, where students discuss their problems with college loans.

With enrollment far exceeds the inflation of the past 20 years, student loans has continued to grow - an impressive 25% last year. Some students are using credit did not expect, but his parents have lost jobs or suffered other financial setbacks during the recession.

Dramatic drops in home values ??have also become much more difficult for some parents to cover college costs just by taking a home equity loan.

For many college graduates, the student loan monthly payment is becoming a scary number.

Kate Baker, 30, pays $ 600 a month - and has been less taxed friends his age to buy homes, travel and generally enjoy a higher disposable income.

Baker has no regrets about lending large sums of money to major in government and urban studies at Smith College, a private liberal arts school for women in New England. She is convinced that his title of Smith has given an advantage and could be the main reason that has been used over the past 10 years - even if she jokes, she's going to be in poverty until he's 50.

"Looking long term, it's scary that my retirement account is basically nonexistent," said Baker, who earns about $ 50,000 a year as director of development at Wayne State University Press, and another $ 5,000 as mayor pro tem Ferndale, Michigan.

What can you do to keep down their Debts are not digging out of it for years after graduation?

A deal now on the "number" - what is needed each month for loan payments.

If, for example, you have $ 30,000 in student loans, would pay about $ 350 a month for 10 years - if Stafford Loan to a current rate of 6.8% without subsidy and have a 1% rate . Including interest, he would pay about $ 42,000.

For this turn without playing the lottery, we will need a job that pays more than minimum wage. According to one estimate, according to a calculator on www.Finaid.org, is an annual salary of $ 42,000, assuming that 10% of your gross monthly loan payments.

If you start making $ 25,000 a year or less, prepare to return to the mother and my father's basement to make loan payments.

Candy Wright, director of credit counseling GreenPath in Farmington Hills, Michigan, said many young graduates are struggling lately to find a job that can pay enough to cover their loans. Are cautioned to be realistic about the loans.

A visit to the office of your college career can provide a look at the salaries in their field and estimated in the region of the country.

contact@2gowest.com