A Generational Approach to College Student Debt

So you were accepted to a college of your choice? Congratulations! Now that you’ve gotten past the hurdle of how to get into a college, it’s time to address how you’re going to pay for the expense of college. Besides tuition, there’s lodging, food, books, and other costs to consider when figuring out how much you’ll need. While applying for scholarships and grants is a great idea, these are pretty hard to get given the competitive field out there. Unless you or your family is able to pay for it all, chances are, you’ll end up applying for one (or more) of the many student loans available.

With so many options to choose from, it’s important that you pick wisely as student loan debt can be a heavy weight on your financial future. The average student borrows $25,000 over four years, and can take ten years or more to completely pay off—during which time, you pay nearly double the original loan amount due to interest. Learn more about the actual cost of a student loan with this infographic from ConsolidatedCredit. Educate yourself prior to taking out loans without consideration of the future. You want to start out your post-graduation life without the heavy burden of a debt you can’t pay.