- The majority of former college students who are repaying student loans are worried they’ll have to work extra jobs to afford the payments.
- At the end of 2017, American student loan debt was at $1.38 trillion.
More than half of Americans who went to college to seek an education for a better future are now wondering how to make to ends meet to afford their student loan payments.
In fact, 60 percent of former college students who are in the process of repaying student loans are worried about having to work extra jobs to afford these payments, according to Discover Financial Services. On Tuesday, the company released findings from a national online survey administered by Research Now, an independent survey research firm, of current and former college students and their parents that explored student loan repayment.
College students aren’t the only ones hit hard by student loan debt, here’s how it affects everyone.
After the excitement of graduation wears off, the reality of loan repayment sets in. Beyond picking up side hustles to pay off large sums of debt, 59 percent of former college students worry they’ll have to sacrifice their blossoming social lives to afford their monthly student loan payments.
The total for American student debt outweighs auto and credit card debt, and bubbled up to $1.38 trillion at the end of 2017, according to the New York Federal Reserve. With 58 percent of students holding college debt, student loans are a major source of overall debt for many Americans.
Navigating student loan repayment shouldn’t be daunting, isolating or make borrowers feel as if they’re destined to fight an uphill financial battle for the foreseeable future. With a little ingenuity mixed with hard work, there are creative (and even fun) ways to tackle student loans. For graduates pursuing public service occupations like police officer or firefighter, teacher or nurse, eligible candidates can apply for student loan forgiveness programs. Along with that, several companies have recognized the student loan debt crisis and offer help to their employees repaying their loans as a benefit of employment.
Life isn’t over if you do have student loans to pay — you can actually buy a house while paying them.
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