The average American household owes nearly $33,600 in student loan debt, which breaks down to about $387 per month with a 6.8% interest rate under a standard 10-year payment plan.
But it doesn’t have to be as bad as it sounds. To lessen your monthly payments, consider joining a pay-as-you-earn program; sign up for an income-based repayment program; extend the timeframe for your loan repayment (though this will increase the amount of interest you pay over time); refinance and lower your interest rate; or defer your payments for up to three years. Also, if you’re a teacher or a public sector employee, you may be eligible for special financing programs.
Image via Flickr/Simon Cunningham
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