Originally posted on Money with Merne’s Facebook Page on February 24, 2017:
Americans with STUDENT LOANS have an average balance of $49,042!
The best tip I heard for student loans is to make sure you don’t take on more student loans than your estimated first year’s salary in your chosen field. Sooo if you want to be a teacher making $40,000 in your first year working, don’t take on $100,000 in student loans!
Student loan debt is not able to be discharged in bankruptcy (versus consumer debt like credit card or auto loans that can). The government can even garnish your wages if you default. That’s why it is sooo important to make sure you keep up with your student loan payments!