HOUSTON - More than 44,000,000 Americans carry student debt and recent grads carry an average debt of more than $39,000. On average, people have to pay 350 dollars a month to pay back student loans.
"The bottom line is what is the best payment since there are 8 options and clearly it's the highest monthly payment you can afford." That's the advice from certified financial advisor Pat Shinn when talking about the options available at studentaid.ed.gov. Shinn advises you to check out the website to see what are the best plans might be for you.
Shinn says you can't refinance that debt like home loans. "Yes you can switch it to different payment plan, but the terms might not be as good as the one you are in."
Shinn suggests students start their education close to home to keep costs down before transferring to another college later.