Student Loan Debt

The Solution to The Student Loan Crisis All Posts / Saving Money / Student Loan Debt

The average college student now finishes school with nearly $40,000 in student loan debt.  Those with advanced degrees, such as master’s, doctorates, or professional fields (medicine, law) often graduate with six figure debt.

Many articles have been written about the student loan crisis, and some have predicted that student loans will be the next “bubble” to burst.  Others have argued that the student loan crisis is not a “real” crisis.

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5 Dumb Things We Did With Our Student Loans All Posts / Saving Money / Student Loan Debt

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I have two main goals with this blog.  The first is to inspire those who have student loans or other forms of debt to live below their means so that they can pay off their debt as quickly as possible.

The second goal is to reach those who are currently in college or will be heading to college soon.  Many young people believe that attending college immediately after high school is the only path to success.  If their parents can’t afford to help them pay for college, they often think student loans are their only option.


Which Debt Payoff Method is Better – The Snowball or The Avalanche? All Posts / Saving Money / Student Loan Debt

If you don’t know who Dave Ramsey is, you might not be familiar with the concept of the “debt snowball.”  So, what the heck does that even mean?

A “debt snowball” means paying off your smallest debts first, while making the minimum payments on your larger debts.  Once the smallest debt is paid off, you then move on to the next smallest debt, and proceed with this process until all of your debts are paid off.


How to Ditch Your Student Loans with Debt Snowball All Posts / Saving Money / Student Loan Debt

When you think about your student loans do you feel anxious, depressed, or trapped?  Does it infuriate you when you review your bill and realize that only about 50% of your payments are going toward the principal balance, while the remainder is going to interest?

Unfortunately, there is no magic secret to getting rid of student loan debt.  Lowering your payments by switching to an income-based repayment plan is not a good solution for most people – your payments will be lower, but you will be paying a fortune in interest over time.  Can you imagine being 50 years old when you make your final student loan payment?


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