While many dream of going to college and graduating debt free, that is often not the reality—especially if graduate school, medical school, or any other form of continued education is in the picture. The average graduating senior in 2018 will owe $29,200 in student loan debt.2
With both costs of college and student debt amounts on the rise, those saddled with debt are challenged with how best to keep up with payments. For recent graduates just starting to pay off their student loans, other payments are now added to the mix—such as rent or mortgage payments, utilities, insurance, car payments, and other applicable expenses. The student loan repayment environment is continually evolving and while paying off any high interest loans first and foremost should remain a priority, how to prioritize paying off other loans as well as any other existing forms of debt can be confusing and frustrating.
For those struggling with developing a strategy to repay their student loans, meeting with a financial advisor can be a good first step. Whether you’re dealing with debt from a 2- or 4-year college, graduate school, both or more, you likely have other financial goals that you want to pay attention to as well. A financial advisor can help you prioritize all the moving parts of your financial picture and educate you on the repayment strategy or strategies best fit for you.
1The Institute of College Access & Success. (2019, September). Student Debt and the Class of 2018.
2 CollegeBoard. “Trends in Student Aid 2016.” Trends in Higher Education Series. Published October 2016.