NJ Financial Literacy Expert Educates Parents on the New Changes for Student Loans

Aug. 18, 2012 - PRLog -- -  Lorillia Brown-Phillips a New Jersey based Financial Literacy Expert, will be featured on the “Money Mom Show” with Sherri Gray on Blog Talk Radio.  Lorillia will be sharing with the listening audience why parents and college students need to educate themselves with the new student loan mandate that went into effect July 1, 2012, passed by President Barack Obama.

The rising cost to attend college is getting higher and repaying student loans to attend school is even scarier.  Parents and college students need to understand how much student loan debt their child will incur after a 4 year education.  According to FinAid.org the projected totals for FY2010 are $672.0 billion and for FY2011 are $745.5 billion for outstanding loans that need to be paid by college loan borrowers.  The default rate on student loans is even more startling again those numbers are in the billions as well.  Before a college student signs a contractual agreement to borrow & repay a student loan, parents need to know what will be the future debt load that has accumulated, and how that debt will get repaid.   Lorillia will be providing strategies on how the new mandates could affect a child’s ability to attend college, along with what kind of strategies can be put in place now to repay those loans in the future.  

About Lorillia Brown-Phillips

Lorillia Brown-Phillips is a Financial Literacy Educator located in New Jersey.  She provides financial education and financial consulting to individuals, school districts and colleges.  She has been advocating for clients to be financially educated and empowered since 2006.  To learn more about Lorillia, she can be found online blogging on financial literacy at http://www.yourmoneymentor.com