More Americans than ever before are feeling the burden of outstanding student loan debt. With college costs on the rise, student loan debt has hit an all-time high of a staggering US$1.4 trillion, according to a new report by Experian.
The same report shows average student loan balances have skyrocketed nearly 150 percent in the past decade alone. The average outstanding balance today is up 62 percent to more than US$34,000 and the percentage of borrowers owing US$50,000 or more is now triple what it was just ten years ago.
This growing epidemic highlights the importance of making smart financial decisions, both during and after college, to avoid graduating and entering the workforce with crushing debt.
The good news is that student loan delinquencies have decreased over the same period. This shows that more graduates are finding work and making payments.
In fact, knocking out student debt may not be as hard as you might think.
Carrington College created the below resource, which breaks down how small sacrifices can make a big impact in the long run. Take a closer look to learn more about how spending and saving can dramatically cut down the time it takes you to pay off your student loans.