Student loans don't have to be scary when you have the knowledge and data you need to make good education decisions.Read More
Nearly 50% of students underestimate the amount of debt they have taken on, and 14% of students with loans believe they don't have any debt whatsoever! It's no wonder the amount of student debt in the U.S. has escalated so rapidly, with college costs rising sky-high and complicated financial aid forms leaving many students with more debt than they imagined.Read More
Student loan debt is a fact of life that most graduates have to live with. In 2013 about 70% of college students graduated with debt, the average being $28,000 per person. Most students are able to pay it off in a timely fashion, with the standard repayment system having students pay off their debt in 10 years. However, some students have exorbitant debts, and are also underemployed, making it nearly impossible for them to follow the ten year plan. This debt can follow you into retirement, and those who are in default will get their social security benefits cut. About 2 million Americans over 60 have student loan debt. In 2013, 155,000 Americans had their social security or disability benefits cut because of student debt.
This news is troubling and may indicate that borrowers are not aware of their options when it comes to paying back their loans. Student debt is almost impossible to dismiss through bankruptcy, but borrowers who can prove financial hardship can qualify for an income based repayment plan, and even be forgiven for the remainder of their loan after making payments for a specified time period. Learn more about different repayment plans here.
For more information, visit StudentAid.Gov.
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