SoFi

how to cut your student loan payment in half

Guess which generation has been burdened with the most student loan debt in history? Yep, we millennials.  And it’s not getting any better.

We owe $1.3 trillion in student loans alone (and that’s not even getting into auto or credit card debt) with an average balance of $28,400 per borrower.  60% of all students who graduate college do so with student loans to repay.  And 11.8% of us are defaulting on those loans[1] (which, by the way, you have to repay no matter what – bankruptcy can’t even get you out of those). Even for those of us blessed with graduating without any, we see the strain on the people we date, our best friends, our family members and feel the pressure to save for the ungodly amount our children will undoubtedly need. How’s that for a positive outlook?