Take Control of Your Student Loan Debt (Instead of Letting It Hold You Back)
Along with beach trips and blockbuster movies, summer also brings a nationwide crop of college grads. While this is an exciting time for both graduates and their parents, it also brings some anxiety. Graduates are hunting for their first jobs as the clock ticks toward their first student loan payment (most federal loans have at least a six-month grace period, though rules for private loans vary). And parents who co-signed their child's loan must have their checkbooks ready if their child cannot afford the monthly repayments.
Seven out of 10 graduates now leave school with student loan debt, and for those who do, the average amount has soared to approximately $37,000. As a nation, our collective total student loan debt just surpassed $1.5 trillion. That student loan debt can come with some painful consequences:
- Home issues: Poor debt-to-income ratios can make it
