A Generational Approach of College Student Debt in America

 09 - 30 - 13
Uncategorized News
Now that you’ve finally gotten that acceptance letter, you’re probably wondering how you’re going to pay for it. Paying for college might be a bigger challenge than gaining admission to a school, with tuition costs increasing over 500 percent in the last 60 years. Most students and their families aren’t able to afford college without some financial assistance. Federal and private scholarships and grants are excellent ways to help fund the costs of higher education, but that’s not an option available to everyone. Many will end up taking out student loans to cover tuition, room and board, books, and other incidentals. However, thoroughly educate yourself on the long-term effects of student loan debt before deciding how much money you want to borrow. Every penny that is loaned to you will need to be paid back—and with interest, you may end up paying over double the original amount of the loan.
This infographic by Consolidated Credit covers growth of student loans over the decades. It shows you how much you end up paying if you only pay the minimum and how long it will take to pay off the loan. The infographic also points out how many student loan borrowers end up defaulting—an act that can have a major impact on your financial future.
student loan debt
Guest Post by Marcela De VIvo

Marcela De Vivo

Marcela De Vivo is a freelance writer and researcher based out of Los Angeles. She has worked in several industries, from marketing and finance to special needs education.

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