In 2017, Americans are more burdened by student loan debt than ever. You’ve probably heard the statistics: Americans owe over $1.45 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt! In fact, the average Class of 2016 graduate had $37,172 in student loan debt, up six percent from 2015. That translates to an average student loan payment of $372 a month for 10 years. Even if you yourself aren’t dealing with student loan repayment, someone is and that someone may just be your child. Either way it’s a big weight to carry.
One thing we can all agree on: paying off student loan debt isn’t any fun. One of the worst feelings is tearing open your paycheck or seeing your direct deposit hit your bank account and getting really excited, only to remember that you need to use a huge chunk of that money to make a payment on your student loans. If you are thinking things will be improving soon, I have some really bad news for you. They’re probably not.Continue reading“Student Loan Repayment: 13 Ways Millennials Can Deal with Debt”