As of most recent data shows the average student loan debt per student was thirty thousand dollars with over twelve million who borrow per year (Institute, 2016). There are over one trillion dollars of past due student loans to date. The majority of students taking out these loans are under the age of twenty-nine. This means that right out of high school, with no income, these students have started to acquire a lot of debt. Added to the size of the debt is that gradually over the last several years the cost of tuition has increased. The average cost of tuition in 1975 for a four-year degree was about ten thousand dollars, the average cost of tuition in 2015-2016 is thirty-two thousand dollars (“Tuition and fees and room and board over
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The first tip is to understand the investment that you have; this can be difficult if you have a lot of debt. You need to figure out how much you owe and who it gets paid back to (Kuchar, 2015). Some other things to note is what is your interest rate and what are the payment terms for your loan. I know this seems logical, but it is an important part of figuring out how to begin managing the student loan debt, which is why the grace period given should also be used. Next, you want to establish a payment plan. Something that will fit with your current income and something that you can comfortably afford. Another great tip is to explore loan forgiveness; some places offer you to volunteer in exchange for some forgiveness. The military also is another plan if you had intended a career in that direction (Kuchar, 2015). The last piece of great advice is to find a company that offers tuition reimbursement. A lot of businesses these days offer some tuition reimbursement program, so when searching for your new career, this should be a piece in the decision-making …show more content…
When taking that next step in continuing your education the sound of debt scares us all but should not deter us in moving forward. Put a game plan in place, put it into action and stick to it (Kuchar, 2015). In my opinion, the risk is worth the reward, and by following some of these steps, it can take some of that worry away. As you move along in your career advancement opportunities, and salary increases are typical, so you can pay off the debt quicker by paying extra toward those loans. Finally, if you are struggling do not wait till it’s too late, most student loan servicers are willing to work with you and deferment can be an option if needed. So managing student loan debt shouldn’t be scary, chances are your fellow students are in the same situation. Pursue your education now so you can be successful in the
The first tip is to understand the investment that you have; this can be difficult if you have a lot of debt. You need to figure out how much you owe and who it gets paid back to (Kuchar, 2015). Some other things to note is what is your interest rate and what are the payment terms for your loan. I know this seems logical, but it is an important part of figuring out how to begin managing the student loan debt, which is why the grace period given should also be used. Next, you want to establish a payment plan. Something that will fit with your current income and something that you can comfortably afford. Another great tip is to explore loan forgiveness; some places offer you to volunteer in exchange for some forgiveness. The military also is another plan if you had intended a career in that direction (Kuchar, 2015). The last piece of great advice is to find a company that offers tuition reimbursement. A lot of businesses these days offer some tuition reimbursement program, so when searching for your new career, this should be a piece in the decision-making …show more content…
When taking that next step in continuing your education the sound of debt scares us all but should not deter us in moving forward. Put a game plan in place, put it into action and stick to it (Kuchar, 2015). In my opinion, the risk is worth the reward, and by following some of these steps, it can take some of that worry away. As you move along in your career advancement opportunities, and salary increases are typical, so you can pay off the debt quicker by paying extra toward those loans. Finally, if you are struggling do not wait till it’s too late, most student loan servicers are willing to work with you and deferment can be an option if needed. So managing student loan debt shouldn’t be scary, chances are your fellow students are in the same situation. Pursue your education now so you can be successful in the