Student debt - How common?

Honestly quite stressed about this. Do the majority of college students have debt? And if so, what's the best way to manage it? Any tips would be greatly appreciated!

It's completely understandable to be worried about student debt, as it is indeed common. Recent statistics indicate that roughly 70% of college students graduate with a significant amount of loans. On average, the debt per student is about $30,000. Folks often make it work, but it's a lot to handle.

One of the most effective ways to manage student debt is prevention. Explore all possible scholarships, grants, or work-study options that might be accessible to you before taking out loans. Schools often have a variety of scholarships available, so be proactive about your search and get applications in early.

Should you have to take loans, federal student loans often have the most favorable terms and lower interest rates compared to private loans. In addition, some federal loans offer income-driven repayment plans, meaning your repayment amounts would be based on your income and family size.

Starting to save as soon as possible, even if it's only a small amount, can also be a big help in the long run. It may seem like the amount is insignificant now but remember, every little bit helps.

And finally, understanding the terms of your loans is crucial. Take the time to learn about interest rates, the difference between subsidized and unsubsidized loans, and other nuances. This way, you'll know exactly what you're getting into and can avoid any unwanted surprises later on.

Remember, everyone's situation is different, and what works for one person might not work for another. Your school's financial aid office might provide resources or workshops on managing student debt, so it can be beneficial to reach out to them as well.