Released: June 03, 2007

Climbing out from under college debt

Source: Michelle Singletary, Washington Post (Free Registration)

You’ve got the college degree, and now you’re stressed about what to do with the debt.

“Even if your student loans exceed your annual salary—which is, unfortunately, a common phenomenon these days—you can knock down those debts and start to regain control of your financial life,” Lynnette Khalfani says in her new book, “Zero Debt for College Grads” (Kaplan, $14.95).

Those aren’t just words coming from someone who doesn’t understand your financial pain. Khalfani, a former Wall Street Journal reporter and CNBC correspondent, knows what’s it’s like to climb out of a debt hole. She paid off $100,000 in credit card debt in three years by negotiating lower interest rates, doubling and tripling her minimum payments, and using every windfall she received - tax refunds and year-end bonuses - to pay it down.

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