If you attended college, you’re probably aware of the impact student loan debt can have on your finances.
According to reports, student loan debt has skyrocketed to more than $1 trillion.
The American Association of University Women reports that from the years of 2009 – 2012, Black women were only able to repay 9 percent of their loans over a three-year period. Latino women pay back 3 percent, while White women repay 37 percent and Asian women repay 61 percent during the same three-year period.
To put a dent in this huge mountain of debt, America’s Wealth Coach Deborah Owens has a few tips that will help you kick your student loan debt to the curb in this week’s installment of WealthyU.
Owens told viewers, “Student loan debt is preventing folks from building wealth – it’s delaying the purchase of a home” and forcing many to continue to pay rent. She also stated student loan debt has caused many Americans to delay saving for their retirement.
“The one thing you need in order to build wealth is time,” said Owens.
Her top tips for paying back loans include:
- Choose the right federal student-loan repayment plan
- Pay off variable private loans first
- Choose loan consolidation programs carefully
- Explore employer loan forgiveness programs
- Investigate student loan repayment benefits
Watch Roland Martin, Deborah Owens, and the NewsOne Now panel discuss the best tips to eliminate student loan debt in the video clip above.
PHOTO CREDIT: Getty