For many higher-ed students, the trade-off of obtaining a diploma isn’t just four-plus years and a lot of hard work – it’s also a daunting sum of money paid out to colleges and universities. Many students patchwork their way through the financial burden with a mix of grants, parental support, scholarships, out-of-pocket payments…and student loans.
And while these loans seem like a great opportunity to students trying to get through school, loans can turn from financial stepping stones into debt sinkholes. Last fall, the U.S. Department of Education, put the average student loan debt at $33,310, and the total student loan debt at $1.44 trillion.
There are myriad reasons student loan debt stacks up, and a lot forks in the road to repayment. But regardless of how daunting the bill may be, and how easy it is to ignore the rising tide of debt, students will ultimately have to close the gap.
Get advice on getting out of debt in the second episode of Moving Lives Forward, as the podcast presents Strategies for Tackling Student Loan Debt. The episode airs April 14, at 4:30 pm, on 99.1 FM and streaming at prp.fm, and will be available soon thereafter here on this blog post, as well on Stitcher and iTunes.
This episode covers…
Historical context of the U.S. student loan debt crisis
The difference between private and federal loans
What it means to to enter loan delinquency – and why it’s best avoided
The difference between loan rehabilitation and loan consolidation
The basics of income-based repayment plans
Resources and advice for successful loan repayment
Moving Lives Forward is hosted by Rebecca Webb, cofounder of Portland Radio Project.
Joining Rebecca on this episode is Mark Oliver, a financial coach who’s been serving the Portland area since 2011, including over four years with the Economic Empowerment Programs at Metropolitan Family Service. His work has included everything from household budgeting and savings plans, to debt management and credit building.
