The Loan Arrangers: Consolidating Student Loans Can Be Tricky

If you’re stuck paying down student loans, and need to catch your breath, a loan consolidation may be in the cards. But before you sign on the dotted line, you’ll have to weight the pros and cons first.

No doubt, plenty of student loan borrowers can make a case for consolidating their loans. According to The College Board, between 2000–2001 and 2006–07, an estimated 60% of bachelor’s degree recipients borrowed to fund their education. The College Board also reports that the average debt per student loan borrower average increased 18%, to $22,700 in 2007 from $19,300 in 2001.


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How college students can build credit

For "money" Monday, let’s talk about how college students can build their credit. Their options are changing along with credit card rules.

The new credit card law that goes into effect next year bans credit card companies from giving students gifts to sign up or from signing them up at all if they're under 21 and can't prove they can make payments on the card. But until then, you can bet credit card companies will be aggressively targeting college students-- maybe like never before.

USA Today says if college students want to resist the temptation of their own card and the potential trouble it can lead to, they can build their credit by becoming an authorized user on their parent's card. When they use their parent’s card, the student's use is reported to the credit bureaus in their name.


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