With graduation day and commencement now in the rear view mirror for many, it is important that new college graduates start thinking about their financial future. That means don’t delay on tackling any student loan debt you might have accrued.
After graduation, you may be beginning your first full-time job, renting an apartment, or even purchasing your first vehicle. Either way, you will now be faced with a new monthly bill – your student loan repayment. While some parents are pitching in to manage the payments, not everyone has that luxury. According to a recent survey conducted by the student loan division of Discover Financial Services, 52 percent of parents said they are likely to help their child repay student loan debt in 2014, down from 58 percent the previous year.
In 2015, the average recent college graduate had $35,000 in student loan debt and the 2016 projection is only going up. The college graduation student loan debt is projected to increase 5.7% to $37,000, according to Mark Kantrowitz, a financial aid expert at Cappex.com.
While paying off your student loan debt can be overwhelming, here are a few tips to conquering your student loan debt.