What are the options to repay student debt?

debtA lot of attention is paid to getting into college. Little is paid towards repaying the student debt after college.

I’ve posted many blogs on saving for college as well as how to approach and prioritize making a wise college choice after first making a wiser personal interest evaluation and career choice that aligns with those interests.

Since 2010, the student loan program has been more formalized by the Federal Government including programs for repayments. Below is a great summary of the various ways to repay student debt.

Of course, the prudent way to manage debt is to be sure your career and education choice provide the level of income you would need to repay the debt you have incurred to obtain that education. Thus, and I can’t stress this enough, the college process begins with understanding the students interests and strengths, seeking those careers that use those interests and strengths, and finding a college that provides the education necessary for that career choice with sufficient income from the selected career to repay the debt for the education.

Going to a college for the sake of education or going to a college alone ignores all the other important factors and steps prior to going!

The Consumer Financial Protection Bureau also has a site on the repayment as well as other steps of the college process.

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About Larry Frank, Sr.

Larry R Frank Sr., MBA, CFP®, is an experienced financial advisor and a published author on Retirement Planning Research. Have a financial question? Click Here to Ask Larry

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