No matter how much ramen you eat, the college experience can strap your finances. It's not uncommon to discover that, when the college experience ends, you've accrued debt related to your educational loan, or simply to basic costs associated with being a student. As you start a new semester, make sure you know where you stand financially so things don't snowball without your knowledge.
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Twenty-six thousand, six-hundred dollars. That's the average amount of debt from student loans. Here's more about college debt and how it relates to your credit.
A growing number of Americans take on student loans for college or masters programs. It's important to think things through before taking on loans.
Is your credit in good shape? A good credit score could mean a better interest rate on your loan. Also, not taking on too much debt is important, as it could lessen your chances of qualifying for additional credit.
Depending on what region of the country you attended college, the averages range greatly, from $17,200 to $32,400.
So when you take on student loans, it is important to pay them off on time after graduation because a late payment could impact your credit.
Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities. All information, including rates and fees, are accurate as of the date of publication.
This article was originally published on August 5, 2016, and has been updated.