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Published On: Tue, May 16th, 2017

Student Debt Higher Than Credit Card Debt in the US

There has been plenty of news coverage regarding the fact that college students are more in debt than they have been ever before.  According to sources online, the student loan debt just surpassed $1.4 trillion.  This means student loan debt is now higher than the credit card debt in the United States.  It is a troubling number for many reasons, but for those that are stuck paying off the debts incurred while getting a college education, it’s a nightmare.  More students are looking at college as on option to help with postgraduate employment, which means student college debt will rise as well.

Millennials Are Hit the Hardest

Even though you can go to college at any age, the age group that is being hit the hardest are the Millennials.  That makes perfect sense since students are more likely to attend college between the ages of 18-34.  According to reports, students in this age range have been dedicating more than 18 percent of their incomes to paying down the student loan debt they have.  It is not uncommon for college graduates to be paying down student loan debt as they move into their 40’s, according to reports from 2016.

Paying Down Student Loans As Soon As Possible

Students in college are likely to be thinking about one thing only, and that is graduation.  To graduate means hard work, long study hours, and very little time for anything else.  Some students can squeeze in time for friends or even a part-time job to help make paying off debt a little easier, but that is not typical of every student.  There are many ways that students can make money without having to have a part-time job.  Take a look around your house and see if there are things that you can post online to sell for cash.

photo Gerd Altmann via Pixabay

Making Extra Money Lessens Stress

If you are one of the many households that have more than $300 in unused gift cards, you could make money with them.  Websites make it easy to sell your gift cards online these days and it is also an easy way to make money where otherwise the cards would be doing nothing for you.  When you can make some extra money as a student, paying down your student loan debt is going to be less stressful when you graduate.  Selling gift cards is easy and in some cases, you can get up to 90 percent of the remaining value on the card.  That is easy money since most websites do all the work: you just have to post it.

As students sink deeper and deeper into higher education debt in the United States, finding ways to get that debt paid down quickly has become a priority for many of them.  Making money by selling things online is more popular than ever and depending on what you can sell, you can make some good money without having to be tied down to any job.

Guest Author: Carol Trehearn

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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  4. kaleed amin says:

    This Good news for us student.

  5. json formatter says:

    college students are more in debt than they have been ever before

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