DePaul Financial Fitness : Control Credit - Debt: Using Loans and Student Loans

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Control Credit - Debt

Using Loans and Student Loans

Many college students find that to finance their education, they need to use a combination of savings, credit cards, loans or part-time work. Talk to DePaul's Financial Aid Counselors and Advisors to determine the best route for you. Review the information on the Office of Financial Aid's site to learn about the financial aid application process and the types of financial aid available at DePaul. And check out the Tuition and Financial Aid section for more resources.

Attend the Making Sense of Financial Aid workshop to learn you about loan types, terms and what it will take to repay your loans. Strategies for finding scholarships and grants are also covered.

48% of credit card owners only pay their minimum monthly payment each month.
The average household with debt carries approximately $10,000 to $12,000 in total revolving debt and has 9 credit cards.
Credit card companies usually offer credit limits to college students between $500 and $3000, with higher interest rates than non-students, between 18% and 20%.
The US has recently seen an over 50% increase in bankruptcies among people under age 25 (fastest growing age range for bankruptcies).
Total consumer debt topped $2 trillion for the first time in 2003.
66% of Americans don't pay off their entire credit card bill each month.
Persons entering college are offered an average of 8 credit cards the first week of school.
55% of college students acquire their first credit card during their first year of college, and 83% of college students have at least one credit card.
45% of college students are in credit card debt, the average credit card debt being $3,066.
Undergraduates students carry an average of three credit cards.
Graduating students have an average of $20,402 in combined education loan and credit card balances.
20% of graduating college students have $10,000 or more in non-school related credit card debt.
University administrators state that they lose more students to credit card debt than to academic failure.
Students double their average credit card debt-and triple the number of credit cards in their wallets-from the time they arrive on campus until graduation.