Ways To Cope With Student Debt
One of the biggest nemeses of Millennials isn’t the prospect of becoming an adult. In fact, becoming an adult is ‘easier’ than ever for Millennials, otherwise known as young people.
Lots of Millennials can bear the brunt of adulthood. But, can you imagine taking on adulthood with thousands of dollars of debt?
The problem with student debt
Many young people enter college to better themselves. Of course, at the recommendation of their parents, guidance counselors, teachers and peers. However, a lot of young people are feeling the heat, so to say.
According to one Manitoba news source, the cost of college tuition has ‘skyrocketed’ to an average of ‘$8,893’ at the standard 4-year college institution. It doesn’t seem so bad, until you realize that many colleges and universities charge tens of thousands of dollars annually for a degree.
Not to mention, that average applies to public institutions. Private institutions actually require students to pay three times as much.
According to a study by research firm Wintergreen Orchard House, students in New Hampshire have to pay as much as $12,000 per year on average, just for college tuition. Students on the East Coast in the U.S. are subject to higher college tuition fees than students in other parts of the country.
But, college tuition anywhere in the United States is still at an all time high.
How to cope with student loan debt
If you’re a Millennial with student loan debt, you’re certainly not alone. Here are some tips to help you cope with student loan debt.
Learn more about what you owe
The National Student Loan Data System helps students keep track of their outstanding loans. So, if you have an account, make sure you use it to keep track of your current outstanding debts.
Private loans might need a bit more effort when it comes to tracking them. You can either ask your school’s financial aid office for assistance and/or look up your credit report at a free credit report site. It’s recommended to look at all of your credit reports, and not just one, since not all lenders report to all three.
Don’t ignore your bills
Always pay your bills when you can and, naturally, on time. If you have private loans, to provide an example, it’s better to get those paid off first. Private loans are usually trickier to manage, since they don’t have as much flexibility (in repayment terms) as other loans.
If you just keep deferring loans or ignoring monthly payments, it might seriously affect your credit history/report and your chances of getting hired or even approved for more credit.
Got any more tips for managing student debt? Leave them in the comments below.…