In 2016, the average student graduated with nearly $40,000 in debt increasing the current student loan debt crisis to an unthinkable $1.4 trillion.
That is why it is so important to apply for as many grants as you can. Grants don’t have to be paid back, whereas student loans do. But many people need both. Currently, you can’t be charged more than 10% of your income on student loan repayment but a new law has been proposed to raise that number to 12.5%.
The team at StudentLoanReport.org conducted a recent study outlining the problem and offering solutions to help students and parents get a degree without mortgaging their future:
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- Learn how to apply for grants and student loans
- Understand different financial aid such as Pell grants vs. subsidized financial aid, etc.
- Learn the best repayment options for their unique situation: standard repayment plan, income driven plans, loan consolidation, etc.
We thought your readers might find this study and infographic to be a valuable tool. Please let us know if you have any questions or need more information. Look forward to your feedback.