· Go to counseling. Credit counseling, that is. Many credit counseling organizations will help you come up with a feasible solution for ridding yourself of debt. You can find credit counselors on Internet, and many credit unions, universities and military bases provide credit counseling programs. Also, get in touch with your bank, friends, and/or family for a recommendation.

Some of services credit counselors provide: Advice on how to manage your debt, assistance in developing a budget, and classes and workshops that are geared towards teaching consumers about money management, credit card debt, and budgeting. Counselors can also recommend a debt management plan (DMP), which allows you to make monthly deposits to specific counseling organization that you’re working with. Your counselor will then develop a payment schedule with your creditors that includes lower interest rates or waives certain fees.

For more suggestions and information on how to manage your credit card debt, please visit http://www.informedcredit.com

Unsubsidized loans are available to all students, regardless of income. The student is responsible for all interest.

Federal PLUS Loan The Federal PLUS Loan (Parent Loan for Undergraduate Students) is a low-interest education loan for parents. Each year, parents can borrow up to cost of attendance, minus other financial aid received (scholarships, grants, student loans, etc.). The PLUS loan is not based on financial need. Qualified applicants must pass a credit check. Private loans Private loans are designed to supplement federal loan programs and are available from schools, banks, and education loan organizations. They are usually used to cover education costs that cannot be met by federal aid.

Terms for these loans vary according to lender and your credit history. Keep these things in mind as you consider taking out a private loan:

-Private loans have credit requirements, and you may need a co-signer -The lender determines interest rates and fees, which may be affected by your credit score -Private loans may not offer deferment options -Private loan programs may offer borrower benefits, such as interest rate discounts or rebates

No matter what type of loan you take out, be conservative and borrow wisely! All loans have to be repaid, whether federal or private.

This article is distributed by NextStudent. At NextStudent, we believe that getting an education is best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about Federal Student Loans or Private Student Loans at http://www.NextStudent.com .