More than 70% of grads leave today’s 4-year colleges with student loans.
By comparison, less than half of students graduated with loans in 1994. As student debt continues to skyrocket, what financial burdens do recent grads face?
Whether paying off aggressively, tackling the minimum due, or somewhere in between, how much money should you try to make and how long might it take to pay off your loans? It might seem dismal now, but paying off your loans and starting to accrue a net worth might not take as long as you think.
We crunched the numbers and generated data based on the following 3 payment scenarios, using an average 2014 $33,000 loan with 4.66% interest and payments amounting to 20% of your discretionary income. How quickly do you think you’ll be able to pay off your student loans?