Debt is something that plagues millions of people and can be attributed to a number of things from huge amounts of credit card debt to student loans. The global public debt in 2013 was a staggering $52 trillion dollars and is expected grow more and more every year. As the global economy continues to recover from the economic downfall of 2008 many people are trying to find ways to payoff their large amounts of debt and one solution is to look into better career prospects. However, in most cases to get a better job you need a college degree which can create more debt if you decide to use student loans to fund your education. A college degree is a huge investment but it can also lead to a better financial future in the long-run as college graduates still earn significantly more than those that do not have a college degree. However, as with any investment you need to do your research. While there are grants and scholarships that can help fund college costs, most students find themselves still applying for a student loan. Student loans can account for a big chunk of debt for college grads and most will not be able to pay off their loans for several years.
Before making the investment in a college degree it’s always a good idea to research additional financial aid before applying for a student loan. Students should also do their research on loans, making sure they find a loan with a decent interest rate and look into repayment plan options for after graduation. To get a better sense of just how much a college degree can cost you check out this infographic that gives more information about student loan debt and college costs.