Student Loans: Advice for Repayment and Borrowing
It's no secret that student loan debt is a growing problem in the United States. According to the Institute for College Access and Success, 62% of college seniors who graduated in 2019 had student loan debt, with an average of $28,950 per borrower. What may be less well known is that there are various repayment options available to borrowers and that choosing the right one can save you a significant amount of money. Here's some advice on repayment and borrowing to help you make the best decisions for your situation. 1. Know Your Loan Terms Before you begin repayment, it's important to understand the terms of your loan. This includes the interest rate, length of the repayment period, and any fees associated with the loan. You can find this information in your loan documents or by contacting your lender. It's also a good idea to stay up-to-date on any changes to the terms of your loan, such as a change in the interest rate. 2. C...