Student loan debt blog
student loan debt blog
- Total federal student loan borrowers: 43 million.
- Total outstanding federal student loan debt: $1.4 trillion.
Borrowers can also postpone private student loan payments via deferment or forbearance, but interest always accrues regardless of whether the borrower is making payments.
“Thirty-Six Months,” is based on the theory that 36 months is the ideal amount of time to pay off a debt.
Juliet began her Millennial Boss blog as a way to narrate her journey to debt-free living. Saddled with $100,000 of student loan debt after graduating, Juliet undertook a series of giant lifestyle changes to get out of debt.
So now that you’ve got the intimidating facts and can guess how student loan debt can become an obstacle to a better life, we’re here to show you how not to become one of those debt statistics!
- Optometry (14.9%)
- Veterinary (12.6%)
- Physician Assistant (11.6%)
- Dentistry (11.5%)
- Pharmacy (10.9%)
The same goes for your tax refund. How many people do you know who take that “free money” and use it to buyburn it all on new furniture or a 55-inch flat screen? Here’s a tip: Your tax refund isn’t free money from the government. They’re simply just giving you back the money you already paid them because you gave them too much. Take that refund and put it directly toward paying off a big chunk of your student loans!
How about selling some junk you don’t need anymore that you could sell? Dig through your closet, garage and storage to see what you could put on eBay or Craigslist. Then, add up what you spend eating out every week. Ditch the lattes and brew your own coffee at home. Have leftovers (they’re not that bad) or meal prep for the week instead of spending $10–20 on lunch. Trust me—there are plenty of creative ways to save.
Now is always a great time to start Strand! Way to use your creativity to help pay down your debt. If you decide to try an Etsy shop again, I have a 5-part series on making money with Etsy, and one of them focuses on marketing.
[…] Some of My Favorite Articles: Our Story of Paying Off Six Figures of Debt […]
- Type of Loan (Federal or Private)
- Fixed-Rate or Variable-Rate
- Interest Rates
- Term Length
- Total Due (w/ Interest)
- Grace Period (Interest Accrues)
The first step to building a strategy to paying down student loan debt is knowing how much you owe across all your different loans. If you’re unsure of how many loans you have, go to the National Student Loan Data System for info on your federal student loans. To track your private student loans, check your credit reports to ensure you know each of your lenders. Remember, student loans are reported on credit reports so ensure you pay all loan bills on time to avoid hurting your credit scores. As you collect info about each of your student loans, make a list to track:
If you’re considering a career that requires an expensive program or graduate degree, will the promise of the career and salary make student loans worth it? As you explore schools and programs, you …
Student Loan Planner is a financial coaching company and does not claim to provide financial advice on investment products. Refinancing federal loans causes the borrower to lose access to income-based repayment plans as well as the PSLF program. We may earn compensation from advertising partners when you click on links on this site. Student Loan Planner is not a debt settlement or debt relief company. We do not provide tax or legal advice. Read full disclaimer policy here.
Read more about Heather here: AskHeatherJarvis.com
David started Young Adult Money in 2012 to help you make more, save more, and live better.
Austin, TX About Blog Student Loan Hero is your destination for managing & eliminating student loans & personal debt. Find everything from loan calculators to repayment options. Frequency 11 posts / week Since Nov 2013 Also in Loan Blogs Blog studentloanhero.com/blog
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Last Updated Mar 9, 2020
Studies support these sentiments. Indeed, research suggests that some counselors operate under the assumption that “African American and Latino parents are reluctant to use loans to finance college prices,” and thus refrain from discussing how to manage loans with them. As we discovered in our focus groups, withholding information can hinder one’s opportunities for financial aid and scholarships and, therefore, their ability to pay for college. Discrepant advice sharing can also generate a distrust of financial advisors, making students reluctant to take advantage of the financial information available.
Some counselors agree that their colleagues lack adequate training. When asked how financial advisors receive training, one interviewee stated that “there’s not really a school of financial aid…. the government expects us to know basic tax information, the type of filing, the types of forms, and what they’re used for,” and yet there was no specific training for financial aid in the college sector. Instead, advisors develop expertise based on “hands-on experience in the financial aid office.” Furthermore, this advisor noted, there isn’t a lot of “sensitivity training,” which enables counselors to learn how to communicate. Instead, counselors who are “in it totally to make money” enter schools and campuses with “general knowledge about financial aid” and limited “campus experience.”