Many people will tell you that you can’t get a good job without an education – a college education. Unless you are lucky enough to receive a generous scholarship or help from family, you may be left paying for school on your own and you may need to take out a few student loans – or a lot of them. Unfortunately, the cost of tuition continues to rise each year and the average salary for an entry-level job just isn’t enough to pay off student loans for many people. If you are thinking about starting school, or if you already have, do yourself a favor and follow some of these simple tips for minimizing your educational debt while you are in school so that your loans are more manageable when you graduate.
Shocking Student Loan Statistics
According to the most recent reports for 2016, the total amount of student loan debt in the United States is about $1.23 trillion and that number is divided over more than 43 million Americans. The average graduate for the class of 2016 will be graduating with more than $37,000 in student loan debt – that number is up by a full 6% from last year. When it comes to student loans, there are a wide variety of different types and each type of loan has its own interest rates and rules for repayment. Direct loans make up the largest chunk of student loan debt with a total over $840 billion divided over nearly 30 million