Real Cost of Student Loans
“Student loan debt now stands at more than $1.35 trillion, a figure that has nearly tripled over the past decade. With more than 43.3 million Americans holding student loan debt, according to the Federal Reserve, understanding the true cost of student loan debt has become more important than ever before.Estimates for the average student loan debt held by each borrower vary widely. The Institute for College Access & Success estimates average student loan debt at $28,950 per student, while other experts have reported that the average figure for the class of 2016 is now along the lines of $37,172.80 per borrower.
For student borrowers, however, the cost of student loans is much higher than just the sum of principal and interest. GoodCall conducted an analysis on the true cost of student loan debt to reveal how much student loans are really affecting college graduates, from delays in homeownership and lower retirement savings to lifestyle sacrifices and lessened financial security overall.
GoodCall’s study encompasses three life areas: Homeownership, Retirement, and Lifestyle. Each section contains unique findings and insight into the real cost of student loans for borrowers.”
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Understanding the WHOLE cost is very important and should be apart of the decision when deciding where you are going to college. Call me today and I can help you look at the whole picture and hopefully avoiding student loans.