Letter to the Editor: Student loan debt

Letter to the Editor: Student loan debt

www.gotcredit.com

Marissa Ross, Contributor

Graduates stress about student loan debt

As the school year came to an end for many students, this year hit many college students & seniors very hard as they got flooded with student debt.  As of June 2020, student debt was up to $1.56 trillion. With borrowers owing up to $37,000+ & students leaving college with $29,000+ in student loans. This can cause a lot of unnecessary stress on these students just trying to continue with their lives & become successful.  On top of that, about 69% of all students wanting to pursue their careers by going to college get student loans. Student loan debt is now the second highest consumer debt, following closely behind mortgage debt. Most student debt payments average between $200-$299 a month.  And with a minimum wage job coming out of college, that could be difficult to meet.  Especially if you are pulling your own weight in debt without the help of a parent. With that being said, there are a few minor ways you could try to avoid the extra student debt.  This may not be the easiest route, but it’s never hard to at least try.  A couple ways could be to find source of free money such as grants or scholarships, save as much as possible before going into college, enroll in a less expensive college because every dollar you save is one less you have to borrow, use a tuition installment plan, budget before you borrow, try to create a plan on how you are going to repay while you budget.  These are some of the easiest ways to prevent yourself from falling into debt, which will help you be able to plan a broader future while still striving to do what you want with your career.  I know as a student that soon has to begin thinking about college, that this isn’t easy.  But keeping a broad mindset but also staying in the correct direction will make this long, drawn out process slightly easier for not only yourself, but the things that are to come in your future.