The recent rate hike for new student loans has stirred protest as college education becomes pricier for most. Subsidized government loans hit 6.8 percent versus a previous rate at 3.4 percent. In some ways, it is troubling since student debt is the second largest debt carried by consumers, only mortgages rank higher.
The average graduate is looking at approximately 27,000 of debt and loans by the time they graduate. While the rates are a political hotbed of discussion, finding a way to live on recent college salaries may take on new urgency as graduates run out of their grace period and begin making payments.
Fortunately, with seemingly unlimited sources across the internet, graduates can find hundreds of how to save money videos and courses to help shore up their finances. In the age of online education and citizen journalism, the resources are out there as kids start to understand their real life situations.
Whether they are looking for discrete information on various budgeting video channels or investment videos for the future, the one good thing about youtube and other video sites is their diverse source of content. What might have resulted in classes with a financial adviser or college career center, is now a 2 minute sound bite in a home budget video or finance video.
Just try searching for save money videos and you will get millions of potential results. The topics are just as diverse. For example, a substantial number of videos look at ways to save money on credit card debt, quite appropriate for the recent graduate. As they become more likely to purchase a home, they can find lessons on credit and mortgage best practices so that their debt does not get out of control.
Rethinking savings and investment strategies for the recent graduate can set them up for success no matter how big their student loans might be. All it takes is a little research and tenacity to overcome rising educations costs.