Shocked silence…..
Has our country really gotten so far in the hole that we are approaching 1 TRILLION in student loan debt?
According to finaid.org, apparently we have. The student loan debt clock above includes all federal and private outstanding student loan debt and is increasing at an astounding rate of $2,853.88 per second.
I have talked a lot about student loans in the past few weeks, but that is because they can be very poisonous to your financial health down the road, if not managed properly.
Here are some excellent ways that you can minimize your student loan debt and find free money for college.
- Maximize your free grant aid
- Understand your student loans
- Avoid large scholarship search engines, and stay local
- Submit your FAFSA every year at FAFSA.gov. The application is free, will not take you any longer than 30 minutes, and could earn you thousands of dollars in free federal grant money.
That’s a pretty scary fact! I really wish more schools would counsel students on finance and student loans in high school and then again the first and last year of college to help prepare them for keeping their loans to a minimum and then making a plan to get them paid off!
Little House recently posted..What’ll You Do To Save a Buck?
@Little House — I really wish we had more financial literacy type courses in our school system also. It would go a long way towards limiting our student loan debt, and to educating much more financially productive citizens. Education really is key to solving this issue.
That’s pretty scary!
Little House recently posted..What’ll You Do To Save a Buck?
That is pretty crazy. I’m glad I don’t have any student loan. My bro owes 6 figures though…
retirebyforty recently posted..My Editor Wants A Raise
@RB40 — It’s nice to NOT be included in a negative statistic!
Here’s to hoping your bro can get those paid off soon!
Wow, that’s a shocking number. How many of those borrowers will get jobs that actually pay enough to pay off their loans?
Matt @Financial Excellence recently posted..077 Financial Excellence: Inexpensive Family Entertainment Ideas
@Matt — I hate to think it, but probably not very many!