Debt is nothing to take lightly. Oftentimes, experts refer to student loans as being good debt or better debt than credit card debt. While there is some truth to that statement, it doesn’t mean that student loan debt doesn’t have negative ramifications. The impact is far reaching and impacts almost every area of college graduates’ lives. The average student graduates with more than $20,000 in loans. Forbes reports that in some states it has gone as high as $30,000, though this only takes into account undergraduate degrees.

AVERAGE STUDENT LOAN DEBT AND IT’S LONG REACHING EFFECTS

Even though an education is invaluable and plenty of loans are available, it comes at a high price for many graduates. The Wall Street Journal reports that graduates and students are putting off key elements of adulthood for longer and longer periods. Some of these include

• Getting married
• Having children
• Buying a house
• Establishing retirement plans
• Creating safety plans or even basic

In addition to this, graduates often struggle with stress. In some cases, they have become so used to the stress that they don’t realize they have a problem until they reach a breaking point. Additional symptoms of this stress include

• Depression
• Chronic fatigue
• Mood swings
• Anxiety
• Eating disorders
• Mental fog

Take Control Now

Obviously getting married and having children is not something that you should go out and do tomorrow. But if you find yourself struggling under this heavy burden, you need to start taking steps immediately to reduce the strain and plan for your future. Putting your head down and pushing ahead isn’t going to reduce the stress or make your future more secure unless you have a significant income. Instead, you need to look for ways to restructure your debt and your finances to reduce your strain. Some of these include

• Selecting a different repayment plan
• Consolidating your loans
• Creating a revised budget plan
• Starting a small savings and retirement plan

When you start making these changes, it’s important to remember that the changes might not be immediate. Small efforts over time make a big difference, particularly when it comes to your savings and retirement plans. Besides, having a little is better than nothing. When it comes to purchasing a house or making other significant problems, don’t assume that just because you have a significant debt that no one will work with you. Talk to loan providers to see what options you have.

Student loan debt continues to increase, and its impact on graduates is significant. With debts ranging from $20,000 – $30,000 or more, it’s challenging for graduates to focus on their futures. Many put off key decisions like starting a family or setting aside savings. It’s vital that you don’t put this off though. You need to take charge of your present and future now and start improving your situation and reducing the stress. From selecting a different repayment plan to consolidation, you have options that can help you get a handle.

If you need help determining what the best course is for you, consider speaking with an attorney at the Van Horn Law Group for additional assistance.