42 percent of employed millennials, 26 percent of Gen X-ers, and 11 percent of Baby Boomers currently have student loans.
Of those with loans, 79 percent of Millennials, 66 percent of Gen X-ers, and 80 percent of Baby Boomers say their payments have a moderate to significant impact on their ability to meet other financial goals.
So, if student loans are the bane of your existence, you’re not alone. Sure, you were educated at the undergraduate, graduate or conservatory program of your dreams. But now those monthly payments have hit the fan with overwhelming velocity, making it difficult navigate the most efficient pay down strategy. And yet with some ingenuity and knowledge of the system, I’ve seen payments go down from $1,000 a month to $0 without impacting the date of loan forgiveness in the future.
The issue here is that each situation is unique and there are no hard and fast rules or formulas to show you what will be the best over the course of your lifetime, especially when you are a freelance performer with an uneven income. When in doubt, here is a hierarchy of questions to ask yourself to get going in the right direction.
Can you pay your student loan at its current level?
Can you pay it and
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