If you’re in the club of indebted adults with college degrees, rest assured you’re one of the popular people. The number of college grads with student loan debt is now around 70 percent – and the average debt someone graduates with is close to $30,000, comprised of both private and federal loans.1
But while facing the future with all that debt can be soul-crushing, (one recent survey found that more than a third of college grads with loans regret taking them out),2 there are ways to stay optimistic about the future.
Here are three ways to take action and rethink your student loan debt
- Apply for income-based repayment. Contact your lender and inquire about a fixed monthly payment that is based on your annual take-home salary. This can give breathing room to come up with a plan to aggressively tackle the debt over time.
- Investigate your eligibility for student loan forgiveness. There are a number of student loan forgiveness programs available for people who work in various job sectors. These are mostly arenas where you work with the public, like education, government, non-profits, law, medicine, etc. There are also forgiveness programs available for people facing long-term disabilities or those who cannot work.
- Consider entrepreneurism with a proven system. While it can be argued that starting a business isn’t ideal for people with student loan debt because of risks and overhead costs, finding the right opportunity with a well-established company where there is room for growth can be the solution to earning a little extra money towards paying down debt, and other financial goals.
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1 StudentLoanHero.com, “A Look at the Shocking Student Loan Statistics for 2019,” February 4, 2019
2 USAToday.com, “Millennial Money: Why Young Adults Still Need Support Parents,” April 18, 2019