By Michael G Rivas via Iris.xyz
Over 44 million Americans walked away from their time in higher education with some amount of college debt. The total amount of student loan debt collectively carried by college students and grads today is $1.45 trillion, and the average 20-something-year-old borrower pays $350 per month on their loans.
There’s no question about it: student loan debt is a serious financial burden for many students, parents, and newly-minted grads.
Whether you’re considering college costs for a family member or want to go back to school yourself, you likely want to avoid dealing with student loan debt thanks to statistics like this and harrowing news items that detail individuals who are struggling to handle their tens of thousands — or even hundreds of thousands — of dollars’ worth in college debt.
But debt isn’t inherently bad. In fact, student loans can be useful tools to use as leverage. The real question is how much is too much college debt, and when does it shift from useful tool to financial anchor holding you back?
USING STUDENT LOANS AS PRODUCTIVE FINANCIAL TOOLS
There’s a lot of fear and uncertainty around student loans. But this kind of debt can actually be useful to you or your student. Here are some reasons why:
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