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As you graduate from college, you probably have loans to repay. Here are the results from a recent ACCC poll and what you need to know about student loan debt.
- Debt can follow you decades after you have attended school.
Breakdown of Age Groups with Student Loans:- Don’t count on being debt free by your 30’s.
- Over 60% of poll respondents 55-64 years old still have student loan debt.
- 84% of all respondents have taken out a student loan
- 100% of respondents ages 18-24 have taken out a student loan.
- If your income can’t support your loan payment, it will take longer and cost more to be debt free.
35% of those with $100,000 or more in student loan debt have an average annual income of only $40,000-$50,000. - Student loan debt could impact other major life events if not handled well.Poll respondents were held back from the following due to student loan debt:
- Buying a car 34%
- Getting married 15%
- Saving for retirement 46%
- Buying a home 42%
- Student loans are not a bad type of debt.
It’s considered an investment- so make it count!Good debt:- mortgage,
- education,
- real estate,
- business
Bad debt:
- car loan,
- credit card,
- store credit card
- Student loan debt is manageable with budgeting.
To speak with a certified credit counselor today call 800-769-3571
For more information visit us online at ConsumerCredit.com
ACCC – The Credit Counseling Professionals
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