APPLETON – According to Lawrence University’s financial aid director, the average college graduate in the U.S. will graduate with about $25,000 in student loan debts.
The director says it is never too early for students to start thinking about how they will pay those loans back.
She says the first step is to avoid borrowing more money than you need and to investigate thoroughly any loans you take out, especially if they’re private and not associated with the government.
The financial aid director says throughout college you should learn how to budget any money you have and look into working to save up for when you do graduate.
She says you should also check your school’s financial aid office to see if there are any loan forgiveness programs or assistance you might apply for.
Once you graduate the financial aid director says you will have a six month grace period before the repayment kicks in, so take that time and save up.
Finally, she says if you find you cannot afford a payment, get in touch with the loan provider and see if you can work out a system to pay them back on a more affordable schedule.
Tonight on FOX 11 News at Nine Alex Ronallo will introduce us to a Lawrence senior who is working now to make the repayment less painful when she’s out of school.