Yusra3
VIP Contributor
Student debt is a huge issue for many Americans. In fact, in the U.S. as of 2019, there are more than 46 million people with student loans and that number is only going up.
The problem? Student loan debt isn't just affecting young adults and recent grads. it's also causing problems for older generations of borrowers who are still paying off their loans from college or graduate school. That's because despite what you may have heard about how the cost of tuition has been going down over the years, it has actually risen faster than inflation for most schools since 2010.
That means that when you take out a loan to help pay for college or graduate school (and then don't get a job immediately after graduation), your monthly payments increase dramatically. So even if you're making your payments on time (which is still not guaranteed), they can still end up being more expensive than they would be if you'd just paid off your loan earlier than necessary.
The problem? Student loan debt isn't just affecting young adults and recent grads. it's also causing problems for older generations of borrowers who are still paying off their loans from college or graduate school. That's because despite what you may have heard about how the cost of tuition has been going down over the years, it has actually risen faster than inflation for most schools since 2010.
That means that when you take out a loan to help pay for college or graduate school (and then don't get a job immediately after graduation), your monthly payments increase dramatically. So even if you're making your payments on time (which is still not guaranteed), they can still end up being more expensive than they would be if you'd just paid off your loan earlier than necessary.
