Student Loan DebtIt is a norm and expectation in today's society that students pursue higher education after graduating from high school. Tuition costs are on the rise and many students are struggling to pay their tuition fees. To pay their tuition fees, most students have to take out loans and after four years, these students find themselves in debt. Student loan debt is at an all-time high with large numbers of people graduating from college and having difficulty finding employment in their career field. As a result, they struggle to repay their student loans and also don't fully understand the term. loans and their options if they are unable to repay. There are different types of financial aid available to students, such as grants, scholarships and loans. There are many types of such financial assistants available to students. There are many websites available online offering all types of scholarships. Some scholarships have certain requirements such as race, GPA, demographics, parental income, etc. Others require students to write an essay and others only require students to apply. Scholarships are awarded to students and are money that does not need to be repaid. Most grants are funded by the federal and state governments. Loans are borrowed money and must be repaid and, in most cases, with interest. There are two main types of student loans; these are federal and private loans. Federal loans are loans offered by the government. There are three different types of federal student loans: the Federal Stafford Loan, the Federal Plus Loan, and the Federal Perkin Loan. There are two main Stafford loans: subsidized and unsubsidized. To be eligible for these loans, students...... middle of paper...... They also have the option of deferment or forbearance, as well as the opportunity to see if they qualify for forgiveness, upon cancellation or release. These are options available to borrowers instead of defaulting. Works Cited Carmona, Norma and Thompson, Kim. “How to Manage Student Loan Debt.” » The Chronicle of Higher Education. February 27, 2004. The Chronicle of Higher Education. Internet. February 26, 2014. Basken, Paul “Student loan market shows small signs of recovery” The Chronicle of HigherEducation. May 16, 2008. the web. February 26, 2014. Turlington, Shannon R. “How to Find a Scholarship Online.” New York: McGraw-Hill, 2001. Electronic Book Collection (EBSCOhost). Internet. April 23, 2014. Clemmitt, Marcia. “Student Debt.” CQ Researcher October 21, 2011: 877-900. Internet. April 23, 2014.Greenblatt, Alan. “Youth unemployment”. CQ Researcher March 14, 2014: 241-64. Internet. April 23. 2014.