Tips On Paying Off Student Debt While Saving For Retirement
Student debt continues to be a major issue for college students and graduates in the U.S.
U.S. total student debt is now over $1.4 trillion, and the average debt for a college graduate in 2016 was $37,000. And 44 million Americans now have student debt to their name.
How to repay your student loans
Many of those borrowers are struggling to repay their loans. In 2016, more than 1.1 million federal student loans were in default, and 3,000 borrowers default every day, according to the Consumer Federation of America.
While borrowers may feel like they’ll never be able to pay off their debt, it’s extremely important to avoid defaulting on your student loans.
The video below gives tips on how student loan borrowers can avoid falling behind on their payments. It also explains why millennials should be saving for retirement even if they have student debt.
Avoid defaulting on student debt
As we’ve explained, the consequences for falling behind on your student loans can be dire — potentially lowering your credit score and even getting your wages garnished.
That’s why it’s crucial to get on a student loan repayment plan that’s appropriate for your income and financial situation.
For example, switching to an income-based repayment plan could help you lower your monthly payments. Or, you could potentially be a good candidate for refinancing your student loans.
You may also want to look for a job with a company that will repay your student loans as an employee benefit.
If you need help figuring out a plan to repay your student loans, call our experts at 1-888-234-3907 or send us a message.
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