Student loan debt is a problem for millions of Americans. Here’s everything you need to know to tackle your debt head on.
Student loan debt is a crisis in the United States. As of early 2021, $1.7 trillion dollars was owed on educational bills, according to the St. Louis Fed. That affects almost 50 million people, according to data analyzed by NerdWallet.
" become an inescapable type of reality of higher education,” said Kelly Anne Smith, a consumer finance reporter at Forbes Advisor. Money problems — like having a $10,000+ loan hanging over your head — can feel really isolating. But you are not alone. Here’s what you need to know to tackle your debt head on.If you’re embarking on a new degree and need to take out a loan, think upfront about the kind of loan that would work for you.
Having so many options to choose from can feel overwhelming. The Federal Student Aid office has resources to help you understand the different types of loans and what might work best for you and your family. If you are considering a private rather than a federal loan, make sure you double check the rules — they may vary greatly lender to lender.
It’s also wise to consider your future career when crunching the numbers. For example, if you want to pursue a profession that’s not as high paying, consider your realistic income after graduation and how much you’d need to pay off your loans.
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