With the many bills an adult needs to deal with, it can be quite taxing to keep a strong financial strategy together. One of these monetary issues may be student loans, as many college grads are still dealing with a high debt level while trying to take care of other expenses.
Approximately one in every six adults have not yet finished their student loan payments, a report from FindLaw.com explained. However, just 7 percent reported they owed at least $50,000, while the vast majority had a bill that was less than $25,000.
“As the cost of a college education has risen, so has the number of graduates carrying a substantial amount of student loan debt,” said Stephanie Rahlfs, an attorney-editor with FindLaw.com. “Ideally, students use their degrees to land well-paying jobs and quickly pay off their loans. But job markets are cyclical and careers don’t always go according to plan. Student loans can be a big financial burden, but there are various options available to those who are unable to repay their loans.”
Student loans were a popular option to help deal with college expenses. The report explained that close to one-third of those who completed a college education had these payment options. Of those, approximately 55 percent are working to pay these down, and nearly 70 percent of the group were in an age bracket between 24 and 44 years old.
Despite this, there is still a majority of those with student loan payments outstanding. The report added that less than half have paid off their loans, or had them removed for various reasons.
Many workers set to earn more money
Getting bills such as college loans paid off may take an extra focus on financial discipline, but earning more money overall can help young people. Prioritizing hard work may help some individuals take care of their finances more easily.
The salary increase level this year should rise to approximately 2.9 percent, a report from Aon Hewitt explained. This would be a jump from the lowest level on record of 1.8, recorded in 2009. Additionally, another gain may occur in 2014, as the figure could reach 3 percent.
Next year’s level would be the most impressive salary gain in the past six years, the report added. In 2008, the figure was 3.7 percent, on average.