Whether you are considering college, currently attending a university or have already graduated, there is a good chance you are facing student loan debt. Make sure you have a full understanding of your debt. Learn the basics with this Student Loan Repayment video.
Student Loan Debt Resources
The average student loan debt is $35,000. This is not chump change. While education can be a good investment, it’s important to know exactly what this entails for repayment as well as the rest of your life.
Student Loan Repayment Video
Let’s start with this Student Loan Repayment video. In this video, you will learn some of the basic repayment options for your student loans. You will learn all about different repayment plans. This includes the length of repayment, qualifications for certain repayment benefits, as well as some of the disadvantages.
Wondering how all these repayment options stack up to one another? The video also covers an example of a single person, making $28,000 a year, with $30,000 in student loan debt. Spoiler alert: the repayment plan that costs the least is the standard repayment plan. To learn more about repayment options, try this Repayment Estimator.
5 Things Every Grad Should Know
Another great student loan repayment video is 5 Things Every Grad Should Know. Even though college is only about 4 years of your life and repayment may only take you 10 years after that, student loan debt can have a bigger impact on your life.
This video covers the effects of student loan debt on some of the other major life milestones. College grads that took ACCC’s poll related that marriage, having children, retirement and buying a home were all impacted by student loan debt. For example, while you might pay off your loans within the standard repayment timeframe, saving can be difficult if you have hefty payments every month going toward debt.
These two videos can help you sort through some of the confusion around student loan repayment.