You are not alone!
Current estimates of total American student loan debt put it at more than over $1.3 trillion. Does that sound big? That’s because it is. Financing an education through student loans can be an extremely valuable investment, offering people the opportunity to qualify for high-paying, prestigious jobs that would otherwise be unattainable.
If you are feeling overwhelmed by student loan debt, here are some things to think about to help stay on top of your payments:
Things you can do:
1. Start by understanding your loans, the amounts, and the interest rates.
2. Consider consolidation of your loans if you have multiple loans or high interest loans.
3. Explore loan forgiveness. There are employment opportunities that allow you to work in cities, jobs, and situations that will offer the added incentive of loan forgiveness.
4. Make a budget and stick to it. Decrease your expenses wherever possible.
5. If you can, pay extra on your student loans, as it will help pay down the debt faster.
Student loans are a unique form of debt that allow you to carry high debt levels with low minimum payments for a long period of time. However, just because you can stretch out the timeframe for repayment doesn’t mean you should. The faster you can pay down your debt, the less interest on your loan will “compound,” and thus the less you will pay overall.