Today, over 44 million Americans are walking around with a total of $1.5 trillion in student-loan debt.
Metaphors aside, about seven in 10 Americans graduate with significant student loan debt. Borrowers now graduate with an average of $37,172 in loans. The result is a burden that remains with some people for the rest of their lives. A study by Nerdwallet, found the retirement age for the class of 2018 is pushed back to 72, in part because of accumulated loans.
Taking out a student loan can be intimidating, but knowledge is power. What do you need to know about student loans, before you take them out, while you’re studying, or after leaving school? Read on for the answers.
At the end of the day, student loans are simply a financial tool, and they don’t have to be scary. With some prudent planning and wise spending, you’ll not only be building your credit for future expenses like a car or mortgage, but most importantly, you’ll be making a great investment – in your own education.
Did you know? Most student loans have a six-month grace period once you graduate to give you a chance to begin earning an income.
Past, present or future student? We are committed to empowering Students both past and present make the right financial decisions. We want students to focus on what really matters, your studies!
Written by Everfi Inc working in partnership with HSBC Bank USA, N.A. The view and opinions expressed in the article are those of Everfi Inc. and do not necessarily reflect the views and opinions of HSBC.
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