According to a survey from Citizens Bank, 47 percent of millennials (those in the 18-35 age group), who are college graduates, would be willing to limit their online food delivery in return for reducing their student loans. Concerts, vacations, sporting events and lattes were also priorities.
Limiting any of these luxuries got a “no thanks” from the majority of millennials who were asked if they would consider cutting back to lower their student loan payments. More than half (57 percent) said they regret taking out as many student loans as they did, and about a third of them said they would not have even gone to college if they knew who much it was going to cost them in the end.
Part of the problem has to deal with numbers and denial. The same survey found that nearly half of millennials (45 percent) with student loans do not even know how much of their annual salary they spend on student loan debt. It is 18 percent on average. On the upside, the vast majority of millennials at least know what they owe- more than $40,000 for most.
Here are some suggestions for getting that number down:
- Know what you owe.
- Millennials who have graduated and have jobs often qualify for better rates than when they had little to no income at the start of school.
- Get help at work. A number of companies, including Fidelity and PwC, are offering employees help with paying down their student loan debt.
- Seek forgiveness. Certain professions, such as public service jobs, offer student loan forgiveness. Others include public defenders, law enforcement officers, doctors, nurses and some teachers. For example, teachers who work in low-income school districts and teach certain subjects may qualify for complete cancellation of their student loans.
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For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.