The student loan debt crisis is reaching a critical juncture. As a society we need to figure out a way to deal with it before it becomes the next major financial crisis on our economy. All too often, young adults who aren’t mature or worldly enough to understand what they are getting themselves into are saddled into taking on lifelong debt that can never be bankrupted. Preventing this debt before it occurs is the best way to save these individuals.
Most students graduating today will amass almost $40,000 in student loan debt, which will take an average of 21 years to pay off for those who can pay. Almost 10 million people with federal student loans can’t pay their monthly payments, which ends up expanding and prolonging their debt. Fortunately there are some alternative ways to pay for school, such as work study programs and outside employment. Learn more about paying for school as you go from this infographic!