Student loan debt is growing so quickly that many students are having to make their own financial decisions and are even relying on the support of their families to help them pay off their loans.
A new report from the nonprofit Universal Yums is helping parents understand how much they can save if they’re able to get their kids and their spouses some college.
The nonprofit’s “College Tuition Savings Toolkit” is designed to help parents get ready for the new school year and also helps families better understand how their student loan debt might affect their kids.
“There’s a lot of confusion around how to pay off your student loan,” said Rebecca Zuber, the co-founder of Universal Yum.
“There’s so much information out there and there’s so many different ways to deal with it, but there’s really no easy way to get all the information out.”
Zuber started Universal Yumbre as a way to help her own family.
After graduating from college, she worked as a financial planner for her parents, who were in their late 80s and early 90s, respectively.
She was able to help the family budget for college and paid off her student loan faster than they expected, thanks in part to a college savings account and a college scholarships.
“It’s a good thing,” she said.
“It’s really important to remember that this is your child’s college education, not a debt.
The more debt you take on, the more you are putting in the mortgage to pay for it, and it’s really hard to get that balance right.”
Zub said the most common misconception about student loans is that you need to work your way up to paying off your loans.
“That’s not true,” she added.
“That’s just another excuse to take on more debt and have more trouble paying it off.”
One of the most popular student loan calculators on the internet is the College Tuitions Calculator.
But if you use it to pay your student loans off, you’ll end up with the College Savings Calculator, which can give you more insight into how much money you could save on your student debt.
The College Tuents Calculator allows you to enter your payment method and the maximum amount you could pay.
Then, it calculates how much you could afford to borrow and how much it would take to pay it off.
Zuber said she thinks most parents underestimate the amount of debt they’ll have to pay on their children’s college educations.
“Most parents don’t really understand that it’s not really student loan money, it’s actually mortgage,” she explained.
“If you can get a mortgage, you can really pay off the debt on your own.
So you can save money on your kids tuition.”
Zimmer’s advice for parents: If you can find a college that will give you the chance to attend, then you should go for it.
The majority of colleges are affordable for students of all income levels.
Universal Yummy is also offering the College Graduates Loan Credit, which helps families afford their childrens college educans fees and help pay for tuition.
The cost of attending a public college can be prohibitive for many families, especially if they have to take out a mortgage to do so.
The National Student Loan Data Project (NSLDP) says that more than a million students in the U.S. were in default on student loans in 2015, which is a 20 percent increase from the previous year.
The data showed that nearly one-third of borrowers who defaulted on their loans in 2014 had student loan payments in the range of $18,000 to $60,000.
The average amount of student loan repayment for the average borrower in the United States was $19,000 in 2015.
The average student loan payment in the country was $35,000, according to the NSLDP.
The median loan balance for a family with two adults and two children was $26,400 in 2015; the median amount for a single borrower was $36,400.
For the average family of four, the median balance was $42,000 and the median monthly payment was $1,000 per month.
The report also found that there are many families with two parents with a student loan.
For example, a family of three had an average loan balance of $41,000; for the family of six, the average loan payment was more than $73,000 for their loan.
The National Student Debt Data Project said that the average monthly student loan balance is $2,300, and the average student loans outstanding per borrower is $17,800.
For more information on the National Student Loans Data Project, visit nsldp.org.