A college degree can pave the way for a successful and financially secure future, but many people find themselves struggling to pay off the significant amount of student loan debt they accrued in order to get such a degree.
Student debt is often described as one of the key factors in preventing financial stability among adults. Chris Dlugozima, an education specialist with Greenpath Financial Wellness, a national nonprofit organization headquartered in Farmington that helps people manage their finances, said it is an issue that is continuing to grow.
“Student debt is certainly about $1.5 trillion. As other areas of the economy keep getting better, student debt keeps getting worse,” he said. “It is not only the amount people owe, but it’s also a matter of people not being able to keep up with payment requirements.”
The first step to getting student loan debt under control is to get a better understanding of what is owed. There are online tools that can help with this.
Countering student loan debt can seem like a daunting task, and anyone who knows anything about money knows debt never simply vanishes. However, there are options people can explore to manage that debt to lower low much they owe or make the monthly cost less of a burden.
STUDENT LOAN COUNSELING
Looking for student loan counseling? Our partner, GreenPath offers free financial counseling and education for the Harvard community to support people in paying off debt. A GreenPath professional will explain your options, including paying off your debt on your own or using a Debt Management Plan. They’ll support you to develop a personal action plan that works for you! Find out more at www.huecu.org/greenpath.
via GreenPath
