Managing And Financing Student Debt

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Student loan might make you feel nauseous inside, but unfortunately, majority of Americans can’t survive without it. Financing your student loan might seem intimidating, but this guide will help you through the process.

We’ll explain what you need to consider before taking a loan, how to choose the right loan and give tips on repaying the loan. We’ll also explain ways you could repay the loan quicker and what to do in case of an emergency.

Student debt in the US – overview of the current situation

The importance of learning about managing and financing student debt is evident when you examine the current student debt situation in the US. MarketWatch reported on the current debt levels in January, quoting data by government agencies.

The data shows almost 70% of bachelor’s degree graduates leave universities with debt. Furthermore, the overall student debt in the country has reached $1.2 trillion, which naturally has a big impact on not just individual’s economy, but also the country’s economy.

A financial aid website Edvisors reported that the class of 2015 left school with the highest debt level in history. The average student started their careers with $35,051 in student debt. The debt level is clearly on the rise, as the average student in 2012, left school with outstanding debt of $24,301. According to XX, over 10% of borrowers have over $58,000 in debt. Furthermore, the worrying fact is that one in four borrowers end up either in delinquency or default on the
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