A Generational Approach to College Student Debt

A Generational Approach to College Student Debt

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Tons of college students look forward to graduation day and for many see this as the day that “real life” begins. However, what they don’t see that this is also the day that those student loans come creeping up and their first repayment is due.

In a slow recovering job market it can be difficult for new graduates to find job opportunities that were once available even just 10 years ago. In an ever changing job market and economy, many job seekers are wondering if investing in a college degree really gives them the edge over the competition. With the average student loan debt in 2012 at about $26,000 it can be hard to see how having a degree in a slow job market can really be a financially stable investment. However, college graduates still earn more than those without college degrees but they also have higher amounts of debts because of student loans.

Even with all these bleak numbers, prospective and current students should not be discouraged from pursuing their education. With careful budgeting and research, it’s possible for students to receive alternative funds for financial aid in the form of scholarships or grants and also pay off any loans quickly and easily.

Search for All Available Aid Options

One thing that many college students forget to do when applying for financial aid is to do thorough research on the options they have available. Applying for a student loan can be a huge financial responsibility that many students to not see the repercussions for until after graduation when they not only have to deal with finding a job but also repayments to their loans.

To get a real look at what a college degree can cost you check out this infographic by Consolidated Credit that gives the history of student loan debt from the last 60 years.

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Categories: Debt Management

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