The Senate deadlocked Thursday over federal student loan interest rates, with no consensus in sight on how to prevent rates on certain loans from doubling for about 7 million borrowers on July 1.
After college, it can be very stressful for young adults to figure out how to best allocate their money. One of the most common questions we receive is how quickly borrowers should pay off their student loans.
After graduation, young adults are often faced with a host of new responsibilities and expenses: rent, utilities, car payments, and of course, student loans. While they’re trying to pay their bills on an often-meager entry-level salary, they’re also being told to save for retirement and put aside money for emergencies. What should you do–pay off your student loans as quickly as possible, or make lower payments and put the rest toward savings, investments, or other expenses?
With federal student loan interest rates set to double from 3.4 to 6.8 percent on July 1, government officials have offered a flurry of proposals to prevent the rates from increasing and to help borrowers currently mired in debt. In the chart above, Mother Jones breaks down the long- and short-term fixes for the current student loan crisis from Senate Democrats, Senate Republicans, House Republicans, and President Obama himself.
It’s no secret that finding a job as a college graduate is tougher than ever. This infographic explains some of the reasons it’s so difficult for young graduates to find good jobs and pay back their student loans.
A majority of the Class of 2013 graduated with student loans. In the video above, three new graduates talk to CBSNews.com how their loans are influencing their plans for the future.
This awesome op-ed by Sen. Elizabeth Warren and Rep. John Tierney lays out the case for lowering interest rates on all federal student loans. Sen. Warren and Rep. Tierney argue that if banks can get special treatment from the government and are able to borrow at low rates, there’s no reason why students cannot. Right […]
While the Class of 2013 has better job prospects than classes from the previous few years, they’re also carrying more student debt than any other previous class. According to a Wall Street Journal report, the average student loan debt for a borrower who received a bachelor’s degree in 2013 was $30,000. Even adjusting for inflation, that’s double the average debt burden of a college graduate from 20 years ago.
The average share of all U.S. consumers with student loan debt stands at 16.2%. How does your state rank? Check out the map below to see the percentage of your state’s population with student loan debt.
With the national student debt currently at more than $1 trillion and a new crop of recent graduates entering a less-than-stellar job market, keeping interest rates low is essential for reducing overall student loan debt and helping borrowers make their monthly payments. But the current fixed interest rates on subsidized federal Stafford loans are set to […]
When students graduate from college, one of their top concerns is finding a job that will allow them to repay their student loans. With thousands of college seniors about to graduate into a recession, the competition for entry-level jobs remains high. The video above offers some great tips for graduating seniors searching for their first job.