5 Things every grad should know about student loans
As you graduate from college, you probably have loans to repay. Here are the results from a recent ACCC poll and what you need to know about student loan debt.
1. Debt can follow you decades after you have attended school. Breakdown of Age Groups with Student Loans:
- Don’t count on being debt free by your 30’s.
- Over 60% of poll respondents 55-64 years old still have student loan debt.
- 84% of all respondents have taken out a student loan
- 100% of respondents ages 18-24 have taken out a student loan.
2. If your income can’t support your loan payment, it will take longer and cost more to be debt free. 35% of those with $100,000 or more in student loan debt have an average annual income of only $40,000-$50,000.
3. Student loan debt could impact other major life events if not handled well.
Poll respondents were held back from the following due to student loan debt:
- Buying a car 34%
- Getting married 15%
- Saving for retirement 46%
- Buying a home 42%
4. Student loans are not a bad type of debt.
It’s considered an investment- so make it count!
- real estate,
- car loan,
- credit card,
- store credit card
5. Student loan debt is manageable with budgeting.
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