Student Loans: How Do They Work and Tips To Pay Them Off

student loans

Gallup Report Indicates Student Loans a Heavy Burden for Many Millennials and Gen Xers

Gallup reports that 35% of Millennials and 25% of Gen Xers carry student loan debt, with Gen Xers reporting the highest loan balances of the two groups — over $30,000! For middle aged Gen Xers, carrying large student loan debt (potentially along with mortgage, auto and credit card debt) can significantly hamper efforts to save for the future and jeopardize a comfortable retirement. For younger Millennials, student loan debt can become an obstacle for a first home purchase or create extra financial pressure when they start families of their own.

It may feel like once the debt is on your shoulders, there’s nothing that can be done. But that’s not true. In this informative infographic, you’ll learn how student debt has impacted graduates over time and across America. You’ll also learn how making one simple change in how you pay your loans can help you potentially save thousands and get out of debt much faster.

 

RESOURCE:

http://www.gallup.com/businessjournal/188984/americans-big-debt-burden-growing-not-evenly-distributed.aspx

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