Most families end up borrowing to cover college costs.
More than 70 percent of college students rely on loans when pursuing a bachelor’s degree and many parents borrow as well.
The college loan season starts on July 1 when the federal government makes federal loans available for the 2016-2017 school year.
With the college loan season upon us, here are eight things you should know about college loans:
As recently as the early 1990s, most students did not take out college loans. Today, almost two out of every three college students borrow due to runaway higher education costs.
The typical student borrower leaves college with roughly $35,000 in debt. As a result, federal college loan debt now exceeds credit card debt.
Is it possible that students have no idea how much they are borrowing for college?
Students who borrow for college typically graduate with an average of $26,600 in student loan debt. This can be manageable if graduates understand how to safely repay their loans. Here then are five tips to help college borrowers get a better handle on their college debt: