That about sums it up.
We often hear about student debt as a problem for recent college graduates in their 20s and 30s. But it’s not just young adults who are struggling to pay back their loans. Their parents are suffering as well.
Americans ages 50-59 owe a combined $112 billion in student loans. That’s triple what they owed in 2005. Why the dramatic increase? Because many parents are taking out additional loans to pay for their children’s education, despite still paying off their own student loan debt.
What’s the most powerful force in the universe, according to Albert Einstein?
It’s not gravity. It’s not even love.
It’s compound interest.
If you recently graduated college, remember that your grace period doesn’t last forever. Come fall, 2013 college graduates will start receiving student loan bills from their lenders.
The Buffalo News offers some great tips on paying back your student loans and outlines the different types of repayment programs.
Learning how to manage your finances early on in college can save you time, stress, and money later. And it’s the best way to prepare for unexpected college costs–such as a once-in-a-lifetime study abroad opportunity or that tropical Spring Break vacation you want to take with your roomies.
After adjusting for inflation, students are borrowing twice the amount they borrowed a year ago. Congress’ recent neglect to keep student loan interest rates from doubling to 6.8% could cost students as much as $5,000 more over the next 10 years.
Scholarslip, an excellent documentary about the student loan crisis, explores the real stories of young people facing their student debt.
There are millions of student loan borrowers struggling to repay their college debt. In this interesting video from HLN TV, Clark Howard speaks with two real borrowers about how they got into debt, how they plan to get out and the advice they have for aspiring college students.
Government representatives have recently made several proposals to prevent the interest rates on federal subsidized Stafford student loans from doubling to 6.8% on July 1. But it turns out that letting the rate double might be a better alternative than some of the latest proposals in Congress, according to a recent Huffington Post article. Student […]
With the cost of college skyrocketing over the past 30 years, taking out student loans has become a necessary evil for many students to attend college. The problem is, many borrowers don’t fully understand the terms of the loans they are taking out or what repayment is really like–until graduation hits and they’re faced with an expensive student loan bill every month.
In this insightful video from The Field, real college students share their thoughts about their student debt, why they took out student loans, and how they plan on repaying their debt in the future.
When taking out loans to pay for college, many students don’t realize the impact of the debt they’re taking on and how much the loans will actually cost them over time due to accruing interest.
NerdWallet created this helpful infographic to explain student loans in terms most people can understand: how the lifetime cost of student loans compares to other expenses and investments like car payments and 401k contributions.