My name is Peter. I’m 22 years old, I don’t have a lot of money, and I have a wife who just graduated from college. This is great - I’m excited for her achievement, as well as her new, increased earning power. In spite of all that, we’re a little worried - we now have to face a problem that a huge number of young people have to face: Student Loans.
The cost of education is ever increasing. According to the National Center for Education Statistics, just over 35% of all undergraduate students received student loans for the 2003-2004 school year, with an average loan amount of $5800, not including some types of loans, including Federal PLUS loans (which are technically in the parent’s name). Assuming that a student is able to graduate in 4 years, they are looking at a whopping $23,200 in student debt immediately out of college. As credit cards become increasingly available, especially to young people, these same students often find themselves carrying thousands in credit card debt.
Knowing that my wife and I are facing a problem that is far from uncommon to people our age is encouraging. We’ll pay the debt off and move on wiht our lives - unfortunately, we know very little about the debt. The specific loans, the actual amount owed, when it is due, and what the monthly payments will be - I don’t have a clue about any of this, and I suspect that many recent college graduates feel the same way.
I plan to find out. Our debt is large, so its certainly worth our time to learn everything we can about the situation and make informed, intelligent decisions about how to handle it. As I learn more, I’ll post it here - tips, information, how to find information relating to your specific situation, and more. Stay tuned, you just might learn something!