There’s no doubt that American college students are in deep–deep in student loan debt, that is.
The average college graduate who has student loan debt walks away with roughly $25,500 in debt. To pay those loans off in 10 years, the graduate will have to pay nearly $300 a month and will pay almost $10,000 in interest over the life of the loan.
New college graduates in this tough job market often must settle for low paying jobs to gain experience before they can move up to a better paying position. Factor in rent, food, a car, health insurance, and a professional wardrobe, and tacking on a steep student loan payment can be difficult.
While there is no easy way to get out of student loan debt quickly, there are a number of programs that are available to help graduates pay off their debt faster. These programs won’t erase student loan debt, but they can give graduates a little extra help paying off their loans.