Essay On Student Loan

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Recommended: Problems with student loan debt

There are many new college grads out in the workforce that are dealing with 5-and sometimes 6-figure student loan debt, and with the recession and unemployment rate still in full swing it's not a good time to be dealing with a ton of student loan debt.

Back in 2009 a typical student carried an average of $24,000 in student loan debt by the time they graduated. Consider that a small investment in comparison to what that investment will yield a student for the life of his career.

In any case, in this current economy it's not guaranteed that you're going to get that high paying job straight out of college, so there are some steps that every recent graduate should make that's carrying some student loan debt out there in the work force.

Put …show more content…

Giving yourself a goal of paying off your student loan in 10 years will save you a significant amount of money in interest.

For example if you have $30k in student loans and you pay it off at 6.8% in 10 years your payments are going to be around $345 and the interest that you're going to end up paying is going to be a little over $11k in interest. If you run in some trouble and stretch out those payments for 20 years the interest you're going to end up paying on that loan is $24,960.95, and if you stretch those payments out to 30 years the interest you end up paying is going to be a whopping $40,405.93!

Organize your loans. If you went to multiple schools, obviously you're going to be juggling several loans. It's going to be imperative that you organize those debts or find some sort of system that organizes those debts for you. The government offers a great way to track your federal student loans, if you Google the National Student Loan Data System you will be able to find them.

Knock off the high interest rate loans first. Taking care of the high interest rate loans first is "Debt 101", if you take care of your highest interest rate debt first you will save yourself a significant amount of money in the long

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