Student loans are expressly designed to support individuals pursuing their goals in higher education. Understanding both the process of securing a federal or private student loan and how to establish effective repayment plans is vital to avoiding excessive debt and maintaining sound, stable finances.
Building some knowledge of student loan debt can help aspiring and current college students make the best choices for their personal needs. The big picture of student loan debt can be intimidating — the average student loan debt is around $37,000, and the total owed in the U.S. is more than $1.5 trillion.
Aligning your student loans with your current finances and projected salary for your desired career after graduation can help you side-step especially long repayment timelines, defaulting on loans and similar concerns.
There are many other elements to consider when making a plan to pay for college responsibly. You can seek out scholarships, grants and other awards that do not require repayment. You may choose to attend school on a part-time basis while continuing to work and earn the income necessary to pay down loans. There is plenty of standard loan-related advice to consider that is relevant to student loans as well.
Our infographic, titled “What to Know About Student Loan Debt,” offers a big-picture view of key figures related to student loan debt. This valuable context sets the stage for further research and action based on your personal needs. To learn more about how Comerica Bank supports students who need financing to achieve their educational goals, reach out to us today.
