This free & easy-to-use tool applies two simple principles to paying off high-interest debt.
We apply the amount of payment savings you choose to your non-student loan debt with the highest rate. When that balance is paid in full, the balance with the next highest rate will be paid down. This continues until you have rolled through all of your balances and your non-student loan debt is paid in full. Click the "View Report" button for a detailed look at the results.
Similar to graduating college, acquiring a hefty amount of student loans has become almost a rite of passage for many young Americans as education costs continue to soar. More and more college graduates are struggling as they try to figure out how to repay these loans. Since having a college degree has become more of necessity, it seems that this issue will continue to be a common plight for young professionals.
The current economy in the United States is reliant upon consumer driven spending. Individuals with higher amounts of school loans are often trapped in a monthly cycle of spending a large percentage of their income to pay these prices down, with little money left over for necessities like housing and food. They are unable to cover their payments in addition to other bills, and this issue has had an effect on other areas of their lives including whether to get married or have children. As a result, paying off education related loans as quickly as possible has become more important than ever.
The price for a college education has risen steadily as state funding has decreased. Due to tuition hikes and rising costs for housing, books, meals, and other essentials, the student loan debt in America has accumulated to a staggering $1.3 trillion. The average bachelor degree educated individual carries a loan debt of $37,172 upon graduation. As the need to have a degree continues, so will costs.
The statistics for student loan debt are very grim. Over 70 percent of college students graduate with debt. Unfortunately, U.S. educational costs will only continue to rise. Here’s a closer look at these frightening debt statistics.
|State||Average Student Loan Debt|
(via College Insight, 2016)
What the previous numbers tell us, is the average amount of loans per student in each state. Even more harrowing, is the fact that there are many students with balances much higher upon graduation. Most student’s, approximately 12.4 million, fall into the category of carrying a loan balance of $10,000 to $25,000. More than 42 million student borrowers have accrued a loan balance of up to an amount of $100,000. Over 2 million student loan debt holders carry balances over the price of $100,000. Of those 2 million, over 400,000 owe amounts greater than $200,000.