The topic of student debt is difficult – but it’s something every student and young professional needs to face. In this article, some tips on how to tackle your student loans are provided.
How is student loan debt affecting young professionals?
The impact of student loan debt on young professionals is immense. Young people are being forced to spend money on an education that they will probably never be able to pay back. The total amount of student loan debt in the US has reached more than $1 trillion, and this number is expected to grow. This kind of debt may prevent some people from getting the education they need for a successful career.
Student loan debt is a growing problem in America. It is now the second-highest form of consumer debt, trailing only behind credit card debt. This can cause many young professionals to have great difficulty with finding a job and building their career as a result. Student loan debt relief services like SoFi allow for individuals to take out loans to help pay off their student debt without having to worry about interest rates or other fees.
What’s so hard about the topic of student loans?
Just because you’re a student doesn’t mean you don’t have debt. Student loan debt is becoming a more and more common issue within higher education, but for many it’s still too complex to stress about. My blog is here to explain the basics of student loans and help beginners out in getting started with their own personal debt relief plan.
Student loan debt relief is easily one of the hottest topics in personal finance. Thanks to the availability of no-interest student loans, there are more individuals who are under financial stress than ever before. Now, it’s even harder to find struggling individuals with student loan debt because they usually have other debts as well.
Some tips on how to tackle your student loans
With the cost of college education continuing to rise, the average student is finding it harder and harder to get a degree without taking out loans. Student loan debt can be a difficult thing to take on, but there are certain programs out there that can help you cope with it. One such program is known as income based repayment which will cap your monthly payment at a percentage of your income.
There are various ways to reduce your student loan debt. The most important thing that you need to do is to pay attention to the terms of your repayment plan. You can also find a balance between what you can afford and what is recommended by your lender. Unfortunately, not all lenders provide the same level of assistance in terms of reducing interest rates or loan originations fees.
The benefits of having a side hustle while waiting for work to start again
Many students in the current job market have trouble finding work, so they turn to side hustles. Not only does it make you feel better about yourself, but it can also help with student loan debt relief. The benefits of having a side hustle while looking for a full time job include feeling more productive, increasing your self worth and gaining some money from that side business.
In the event that you lose your job and need to start over, it can be difficult to get a new job with no experience, but what if you could do a side hustle while going through this process? With a side hustle, you not only have temporary income coming in, but you also strengthen your skillset.
The idea of an undergraduate degree and the effect it has on future earnings
The idea that an undergraduate degree leads to higher earnings is touted in many aspects of society. The reality, however, is that degrees have become more expensive on a yearly basis. With the rising cost of college and the increasing debt associated with it, many students are looking for ways to pay for their education without incurring crippling debt.
The average student loan debt for students after graduating from school in 2012 was $26,600. This figure is staggering considering the average starting salary for recent college graduates was just $40,000. That number is sure to increase because of the increasing cost of higher education and the estimated number of people with a bachelor’s degree will only increase by 17% by 2020.
Student loan debt relief is an idea that has been gaining momentum in recent years. There are many options for those struggling to make their student loan payments. The only way to know which option is best for you is to contact your servicer and ask them what can be done to help you lower your monthly payments.
Student loan debt can be overwhelming, especially when you are drowning in it and have trouble making ends meet. Discharge your student loan debt by pursuing a career that is different from your education, paying off your loans quickly, and using these tips to help you get out of debt.