Last Summer Of Freedom? Not From Debt.

Alright, summer is officially here, graduation parties are over, the congratulations of relatives are beginning to fade and you are ready for your last summer of freedom. Sounds great, but recent college grads with personal debt to finance their future careers can’t really afford an "I'll do it tomorrow" attitude.

Along with sun and beaches needs to be careful consideration of the proper way to approach student loan relief or student loan consolidation. This process may take longer than many might expect, unless of course you’re expecting the President to pay for it. Note the sarcasm? Yes you can’t rely on the Obama Student Loan Relief program, because it’s an urban myth.

So now you’ve accomplished one task already; crossing the Obama Student Loan Relief idea off your list.

Then what? Well as the past decade has shown personal debt is not something not to be taken lightly. You need to formulate some actions steps now to address your concerns or hopes for student loan consolidation or discover if student loan relief is truly a viable option.

You need to align yourself with a qualified personal debt counselor. Uncle Jerry may have made a bundle, and Grandma has your best interests at heart but unless they head the IRS, they may not be the most qualified on the latest ever changing regulations and programs for student loan consolidation. Do your research and find the right person for you, because according to the Bureau of Labor Statistics there are over 30- thousand credit counselors actively working in the U.S. today as the issues surrounding personal debt continue to spiral and confound the average consumer.

Once you are able to make a connection with one of these qualified credit counselors, then you may actually qualify for student loan relief, though it won’t happen overnight.

These are limited to certain incomes and careers. The federal government does offer a Pay As You Earn option if your student loan monthly payments are in excess of 10% of your expendable income. If you’re headed for a teaching position you may qualify for a teacher loan forgiveness after working for 5-years in an impoverished elementary or secondary school. Additionally careers in public service or the nonprofit sector may be more desirable as there are options there for student loan relief. Some of these government sponsored programs will forgive up to 100% of your personal debt from student loans after five years of service or wipe the slate the completely clean after 10-years in a specified position.

Some things to think about as you enjoy perhaps your last summer of freedom but keep in mind learning how to properly deal with a personal budget now will give you a lifetime of freedom.