finicity

How Bad is Student Debt Anyways?

Student loan debt has surpassed the credit card debt, yet many are still opting for large education loans. So what’s the real impact of the student loan debt and what areas of our life does it affect?

According to survey conducted for the AICPA by Harris Interactive 60% of those who opted for student loans have at least some regret over this decision. 75% of those with student loans had to make personal sacrifices including delaying home purchase, postponing marriage or having children, in order to make a dent in the student loan debt.

If you or someone you know is considering educational loans, think twice! Consider few other options:

  • Working while studying. It may take you longer but you’ll be debt free!
  • Ask your employer if they have a tuition reimbursement program. Many still offer tuition assistance, at least on partial basis.
  • If school is too expensive, find an expert, a private tutor that could show you “the ropes.”

Today's tip brought to you by Mvelopes and Monday4Life Coaching.