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Millennials and Student Loan Debt

As an increasing number of millennials graduate from college and struggle to join the workforce, more and more young adults realize just how close they are between making ends meet and financial disaster. Are you part of this latest generation to hit the workforce? Are you a parent of a member of the millennial generation and concerned it will be awhile before your bird flies from the nest? Here are a few things you need to know.

Millennial student loan debt is one of the main concerns on the minds of financial experts these days. While they are optimistic about decreasing household debt, millennial debt continues to grow, especially debt related to attending school. What makes the mounting debt worse is many of these students are graduating from college into a stagnant job market and many have earned degrees that are not in burgeoning industries.

Experts are also pointing to the increased cost of an education over the last few decades and the increasing need for people to earn higher degrees. Instead of a four-year degree being the ticket into a high-paying job, many millennials will need at least master’s degrees to even be considered for entry level positions in their fields.

What can millennials do to offset the bleak outlook they have as they approach the transition through their mid-20s into their 30s, the height of student loan time?

Create a Budget

Seems simple enough, but there are surprisingly few people who have done so. And those who do create a budget do not take the necessary steps to stick to it. Putting aside money each paycheck to pay a bit extra toward student loan debt is going to make a big difference in the long run.

Set Up Automatic Payments

Have your student loan payments auto-drafted from your checking or savings account each month. It commits you to making the payment without thinking about it and prevents late fees and falling behind on payments. Just be sure you arrange for the payment to be taken out of your account at the appropriate time so you are not forced to pay bank overdraft or returned check fees.

Refinance and Consolidate

Refinancing and consolidating debt is not always the best solution, but it can be an extremely valuable tool when it comes to student loans. Look for a better rate than what you have and if you have more than one loan, try to combine them under the best rate.

Speak to a Professional

Finally, make sure you are working with someone who understands student loan debt. He or she can help you create a manageable financial plan and if necessary, take additional steps to get your financial life back on track.

Are you concerned about student loan debt? Contact the Law Offices of Robert M. Geller at 813.254.5696 for more information.

 

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