Remember when a college education was reasonably priced? In the past 20 years, the cost of college tuition for public universities has risen 165%. College students and their families have been taking on more and more debt, and they are taking longer to pay it off. Recent data bears this out. In 2021, 34% of adults aged 18 to 29 years have student loan debt, making them more than twice as likely as adults in any other age group to have student debt.1,2Read more
How Will You Pay For College Tuition?
Six Ideas for Paying Off Student Loans
While federal student loans payments are on hold, take time to put a strategy in place to pay off this debt faster.
When the CARES Act was passed earlier in 2020 to provide financial relief individuals and families through the COVID-19 pandemic, it included a hold on federal student loan payments and on interest charges for federal student loans. The student loan payment moratorium is set to last until September 30, 2021.
The break is a good time to student loan borrowers to assess where they stand in making payments and put plans in places to help reduce this debt quickly and easily. Here are some ideas that can help.