Maine’s Bureau of Consumer Credit Protection announced this week that a new student loan guide is now available. The Downeaster Common Sense Guide to Student Loans is a free comprehensive 60-page publication covering all aspects of higher education borrowing and financing.
The student loan guide is the latest in the Bureau’s “Downeaster” series of consumer credit publications. It outlines the various ways to pay for post-secondary education; highlights the availability of “free money,” such as scholarships and grants; explains the types of loans and other financing methods; emphasizes the realities and challenges of taking on debt; and summarizes loan repayment issues, including the possibilities of default, bankruptcy and wage garnishment.
“Furthering one’s education beyond high school remains a key pathway to a productive career and higher income,” commented David Leach, co-author of the Downeaster Guide and Principal Examiner in the Bureau of Consumer Credit Protection. “At the same time, escalating costs make it more important than ever for students, parents and others to carefully evaluate the expense and financing of a higher education.”
The seven chapter publication includes a glossary of terms that students and parents should know. Specific chapters in the publication cover:
— Benefit/Cost Analysis: Choosing a School and a Major;
— Financial Aid 101: The FAFSA & Aid Award Letter;
— Types of Loans Available for College Students;
— Repayment Options and Loan Terms;
— Realities of Student Loan Repayment, Default and Collections; and
— The Old School Option: Working Your Way through College.
“Given the enormous commitment of time and money a student makes when enrolling in a college, university or other educational program after high school, this guide should be indispensable reading,” added Kristin Kirouac, the other co-author of the guide. “It provides a comprehensive summary of the most important considerations in an easy-reading format.”
Copies of the free Downeaster Common Sense Guide to Student Loans are available by calling the Bureau toll-free at 1-800-332-8529. An online version can be found on the “Consumer Guides” page on the Bureau’s website, www.credit.maine.gov.
October 5, 2012
Professional & Financial Regulation – Consumer Credit Regulation