Student Loans & Woes

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Student Loans & Woes

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Steven Escobar, Editor In Chief

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For many of us, Student Loans seem like a given if we want to attend a college if we don’t wanna end up paying the exorbitant amount that is college tuition at once. Many of us will sign a document called a promissory note, that promises that we will pay the loan company back with interest. Unfortunately, not many of us know the reality of student loans.

According to the Washington Post, nearly $1.53 trillion is owed in student debt, with a staggering 22% of students defaulting on their loans. For many of us, we sign a paper at 17-18, not knowing the detrimental effects of paying back those loans. The problem has gotten so bad that so many people are putting off major life decisions such as buying a house or a car.

So what can we do to help manage the stress that comes with student debt? According to Business Insider’s Matt Burr, here are some tips to keep in mind:

1. Don’t ignore the debt.

2. Read the fine print and know the repayment guidelines.

3. Be prepared to sacrifice in order to meet your goals.

4. Keep your contact information current.

5. Make more than minimum payments every chance you get.

6. Start paying as soon as possible.

Although there is only so much we can do when it comes to Student Debt, don’t feel alone about being in this, as there are nearly 33 Million Americans doing the same thing.