Teach Me How I Can Pay Off My Student Loans?

You took out student loans. You graduated (or didn’t) from college. Now you’ve got bills to pay and you wonder if you’re ever going to get out from under it all.

Student loans are a big part of our post-graduate financial lives. And a lot of us didn’t plan on how we were going to pay them off when we took out those loans when we were seniors in high school.

How are we doing at paying off our student loans?

According to a recent study issued by the Federal Reserve, while most borrowers are current on their payments or have successfully paid off their loans, those who failed to complete a degree and those who attended for-profit institutions are more likely to have fallen behind on their payments.

Here are some more sobering stats from the Federal Reserve:

Over half of college attendees under age 30 took on debt to pay for their education.Among those making payments on their student loans, the typical monthly payment is between $200 and $300 per month.Nearly one-fourth of borrowers who went to for-profit schools are behind on their loan payments, versus less than one-tenth of borrowers who went to public or private not-for-profit institutions.

On this week’s edition of Teach Me How to Money, college financing expert Jodi Okun offers us real talk about how we can manage our student loan debt while still building our financial futures.

Thanks so much for listening. Send us your questions at [email protected], and we'll try to answer them on a future episode. If you like what you're hearing, leave us a review on Apple Podcasts, or wherever you listen to your favorite podcasts.

Don't have Stash yet? Just go to StashInvest.com/podcast and you can get $5 to get you started on your investment journey. Stash. It's your money, simplified.

 

See acast.com/privacy for privacy and opt-out information.