Clever Girl Finance by Bola Sokunbi

Author:Bola Sokunbi
Language: eng
Format: epub
ISBN: 9781119580829
Publisher: Wiley
Published: 2019-06-25T00:00:00+00:00

STUDENT LOANS…FACTS AND BASICS

I've had countless conversations with family, friends, and colleagues who have student loan debt – anywhere from a few thousand dollars to hundreds of thousands of dollars. From these conversations, I've become all too familiar with the frustrations associated with taking on student loan debt. It seems like student loans are the new normal: if you want to go to college or further your education, student loan debt is part of that package.

A college education is incredibly expensive, and every year those costs go up. As a result, about 70% of college students graduate with an average of $40,000 in debt.1 So, if you have student loan debt, you are among the millions of people in the United States who have federal or private student loans.

In my experience, people who have student loans usually fall into one of two categories: they either feel like their student loan debt is so enormous that they will never get out of it, or they simply don't consider their student loans as “bad” debt.

Student loans are also commonly deferred or deprioritized due to their low interest rates (typically lower than the interest rates associated with credit cards or other debt) and the idea that you have plenty of time to pay them off.

If you fall into either of these categories, it's time to adjust your mindset about your student loans, because they are a real part of your overall debt portfolio. That means that, like your credit cards, you should have a plan to pay off these loans.

I also want you to keep in mind that while $40,000 in student loan debt sounds like a lot, if you are earning an income and you have a plan in place, you can pay off this debt relatively easily with a plan. Melisa's story will show you exactly how to make that possible.

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