Student debt management and student budgeting - Research Paper Example

Counselor Tracy Grey Debt Management Online Sources Recommendation Canadian students owe an estimated 22 billion Canadian dollars with roughly 15 billion dollars coming from federal resources. Provincial and private money lending sources account for the rest of the loaned money (Debt 101, 2012). The last decade has seen the worst escalation in student debt in Canada with minimal student debt loads of $25,000 increasing from 17% in 1995 to 27% in 2005 (Seidman, 2012). In a similar manner, average student debt in Canada increased from $21,777 in 1999 to more than $28,000 in 2004.

This signals an increase of over one third in just five years time (Canadian Federation for Students, 2012).Rising inflationary pressure and skyrocketing tuition fees are expected to make the situation worse. There is an overwhelming need to allow students to deal with debt management and budgeting in order to make the most out of an educational career. This memo delineates various online sources to help students with their debt and budget management.Suitability CriteriaOnline sources analyzed for this task have been assessed under three different suitability criteria – ease of understanding, ease of navigation and relevance to fiscal management.

Ease of understanding is included the primary criteria since all students may not be able to comprehend fiscal language well. Ease of navigation is the secondary criteria since finding the right resource at the right time to deal with a fiscal management problem is essential to student debt and budget management. Relevance to fiscal management is the tertiary criteria since myriad material is available online but only some websites offer true fiscal management techniques.Recommended WebsitesMyriad online sources deal with student debt and budget management but this analysis recommends CanLearn1 and Debt 1012.

CanLearn covers all aspects of educational financing including secondary and post-secondary education. The information presented on CanLearn is specific to the Canadian educational scenario. Information included covers various methods of educational financing including financial aid, scholarships and student loans. CanLearn covers various aspects of student loan financing and repayment in detail though the language is a little advanced.In contrast, Debt 101 presents a simple interface coupled with direct and to the point articles.

The information covered on Debt 101 uses simplified language that covers basic as well as advanced student fiscal management topics. This ensures that the information presented on Debt 101 appeals to simple as well as advanced student debt managers. In addition to student loans, Debt 101 offers budgeting tips and techniques that are arranged in a simple interface. This adds to ease of navigation. The relevance of articles on Debt 101 for student fiscal management is undeniable.ConclusionStudent debt and budget management is essential to better-informed and more content students.

Students themselves must manage increasing student debt problems and the corresponding stress. Information presented on CanLearn and Debt 101 allows simplified student debt and budget management in an easy to understand and navigate interface with a high degree of relevance.ReferencesCanadian Federation for Students. (2012). Student Debt in Canada. Retrieved August 8, 2012, from Canadian Federation for Students: http://www.cfs-fcee.ca/studentdebt/index.htmlDebt 101. (2012). How Big is Canadas Student Debt Today?

Retrieved August 8, 2012, from Debt 101: http://www.debt101.ca/news/how-big-is-canadas-student-debt-todaySeidman, K. (2012, May 3). Students sinking deeper into debt. Retrieved August 8, 2012, from Calgary Herald: http://www.calgaryherald.com/news/Students+sinking+deeper+into+debt/6556286/story.html