A college education continues to be a springboard to enrichment and higher income:
Financing an education, though, can be challenging. So it’s not surprising that student loans have hit a record high, totaling $1.2 trillion in 2014.4 It’s estimated that 70% of 2013 graduates borrowed money, and the average undergrad who borrows is now graduating with about $30K in debt.5
Having this debt and not managing it actively could be detrimental to your long-term financial picture and future investments. Currently, 20% of post-college borrowers are in default of their loans.6 To help ensure this doesn’t happen to you, make sure you’re armed with some little-known knowledge about student loan debt:
Now that you have the facts, following some simple steps can help to make your student loan debt more manageable:
A college education continues to be the single most important step toward a more fulfilling way of life, and many people take out loans to reach that higher level of achievement. Just know that how you handle the debt could have a big impact on that glowing future you’re creating. Be armed with facts, keep your eyes on the prize, and do what it takes to make that student loan a wise investment in your own wellbeing.
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1-3 Mary Beth Marklein, “College Degree Still Worth the Investment,” USA TODAY, June 24, 2014
5 Allie Bidwell, “Average Student Loan Debt Approaches $30,000," US News & World Report, Nov.13, 2014
7,9-13 Andriotis, “College Debt: How to Ease the Burden of Loans,” The Wall Street Journal, June 14, 2014