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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!

Good debt:

  • mortgage,
  • education,
  • real estate,
  • business

Bad debt:

  • car loan,
  • credit card,
  • store credit card

5. Student loan debt is manageable with budgeting. 

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American Consumer Credit Counseling (ACCC) is a nonprofit company that provides consumers with credit counseling, debt management services and other valuable financial information. ACCC's home buyers guide includes information about the home buying process, with advice for first time buyers and current homeowners alike. Consumers can take ACCC's home buying seminar online and on mobile devices, working at their own pace to complete the course. The home buyers course provides the certification required to qualify and close on certain housing loans, including federal mortgages programs for those buying a house for the first time. ACCC also provides reverse mortgage information that includes answers to questions like "What is reverse mortgage?" and "Do I qualify for a reverse mortgage?"

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