Student Loan Consolidation Awareness Week Fueled by Social Media

With student debt remaining one of the biggest issues faced by college graduates, Student Loan Consolidation Awareness Week could not have come at a better time.  During the week of November 4th through 8th, a private student lending program dubbed cuStudentLoans will assist college graduates in becoming empowered to make better choices with respect to managing their debt loads.  The program was initially developed in 2009 by a network of more than 150 nonprofit credit unions and is comprised of the cuScholar Private Student Loan and cuGrad Private Student Loan Consolidation that includes loan participations to mitigate risk.

The financial literacy initiatives of Student Loan Consolidation Awareness Week are wide-ranging.  College graduates will have access to financial education webinars on topics that are designed to give them important information and solutions for managing their debt, while loan professionals will be available to address via social media any questions the students have.  Another way individuals can leverage social media in connection with this program is to follow the hashtag #StudentLoanAwareness using Twitter and Facebook to receive information, updates and tips during the week on the management of debt.  A sweepstakes also will be held, with the winner to be awarded $500 that can be used towards repaying  that student’s debt.

Student Loan Consolidation Awareness Week comes at a vital time for college graduates, as the month of November represents the loan repayment commencement period following students’ six month grace period.  Not only are those college loans becoming due, but the amount of debt saddling college graduates remains staggering.  Student loans currently exceed $1 trillion and more than eighty percent of the borrowers carrying over $40,000 of student loans are faced with interest rates of 8% or more.

As the student debt crisis continues to skyrocket, it is widely anticipated that more programs like cuStudentLoans will continue to be developed and launched so college graduates can seek gain more control over their debt and overall money management decisions.  At the same time, financial education tools and resources, such as those comprising Student Loan Consolidation Awareness Week, will remain a key element of any solution aiming to address and solve this critical and growing issue.