FindLaw Survey: 1 in 6 Americans Still Paying Student Loans
A newly released FindLaw survey on student loans is reporting that one in six Americans are still paying off their student loans, among some other alarming findings.
Unfortunately, for many of us who were or are students who've taken out loans, the repayment period can drag on for years. Sometimes, it may even be even decades before a former student can dig herself out of debt.
While this may be a downer, most folks who are dealing with student loans are not alone. What else was reported in this FindLaw survey from loan recipients? Here's a summary and some suggestions:
Borrowing at a Cost
The FindLaw survey was conducted by polling a demographically balanced group of 1,000 American adults who were finished with school. Some insights gained by the survey include:
- 31% of those adults took out some form of student loans
- 53% of student loan borrowers (17% of all surveyed) still have loan obligations
- Two-thirds of that 53% are between the ages of 24 and 44
- One in five adults aged 55 and older still owes money on his or her student loans
- 7% of people with outstanding student loans say they still owe $50,000 or more
- Only 47% of people who have taken out student loans are done paying them off
How to Deal With Your Student Loans
If you're struggling with your student loans, you have options. Consider these other alternative routes to simple repayment that may help:
- Deferment(s). There are many different types of deferments that you can look into. If you're unemployed, disabled, or suffering a financial hardship and can prove this, your payments can be delayed. Depending on what type of loan, this may also suspend accruing interest.
- Forbearance. Forbearance also allows you to delay your payments. Unfortunately, unlike deferments, your interest will still continue to accrue during that time.
- Consolidation. If you don't quality for deferments, you can also consider loan consolidation. Consolidating your loans allows you to combine them and extends your repayment period. However, this will mean accruing more interest as you repay your consolidated loan.
To learn more about avoiding default and other options available to you, you can also download our free Guide to Student Loan Debt.