As the cost of higher education continues to rise, student loan debt has grown right alongside it – now nearing an average of
"College graduates have much greater earning power and job security, but many are straddled with student debt they have trouble repaying," said
A new study from
But, student debt doesn't only affect young adults. The Federal Reserve Bank of
"The student debt crisis is wreaking havoc on every generation," added Sullivan. "Debt impedes young adults' ability to get their financial footing and even harms seniors in retirement – but there are options for people who want a better financial future."
To help borrowers pay off student loans and focus on their long-term financial wellbeing, Sullivan offers three tips:
1. Understand your repayment options: There are numerous repayment options for student loan debt. Borrowers should pick a plan that allows them to keep their loans in good standing while paying off balances as quickly as possible.
2. Focus your efforts: Debt repayment should be a top priority. Borrowers should consider budgeting every dollar, seeking a second job, and delaying other purchases to pay off student loans.
3. Get professional help: Resources are available for people who need help paying off student loans and improving their financial health. To learn more about student loan repayment options and to identify which resources are best for you, visit Take Charge America's website or call (877) 784-2008.
Read the full story at http://www.prweb.com/releases/2014/05/prweb11897092.htm
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