A recent poll carried out by TSN at the behest of Citizens Bank claims 59 percent of surveyed millennials do not know when they will be able to pay off their student loans. In fact, 15 percent of the people surveyed were unware of their current student loan balances. Many more did not understand the differences between private and federal student loans. Now, this poll is not bashing millennials, but it is suggesting that student loans can be confusing to understand. Followers of our blog should know there are many aspects to student loan debt. Fortunately, millennials are a ‘tech savvy’ generation, which means they can make use of free online calculators that are useful for budgeting monthly payments. Understanding student loan calculators: All student loan calculators have several boxes where users can input information related to their debts. For example, the loan amount (which is the current principal balance…
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Several weeks ago, we wrote about how PricewaterhouseCoopers is helping workers pay back student loans. As it turns out, other career options help indebted college graduates pay back outstanding student loan balances. Government agencies, such as the Department of Defense, are hoping to attract workers with science, technology and engineering skills. Workers within certain professions can have up to $60,000 of their federal Direct Loans paid by employers. Other agencies helping pay back student loans include the Justice Department, State Department, and the Department of Veterans Affairs. Employees are required to agree to work at the federal jobs for three years before qualifying. Teachers working in areas with poor education infrastructure and a high demand for teachers can have $17,500 of their federal Direct Loans forgiven. In many cases, this means teaching in rural or low-income areas for up to five years. Members of the military can take advantage of…
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