Student loans have been all over the news lately, and most of the news has been pretty frightening. The Boston Globe recently reported that outstanding student loan debt now totals $870 billion, surpassing both credit card and auto loan debt as a fraction of the economy, with over 14% of borrowers currently delinquent on payments. And the Washington Post detailed how Americans over age 60 still owe approximately $60 billion in student loans, borrowed either for themselves or to help put children or grandchildren through school, putting the retirement of older borrowers at risk.
While student loan statistics are scary, your family does not have to be a statistic. The key to using student loans successfully is to consider them a part of your college financing strategy, not the whole. Want to use them the right way? Take the following advice from our college financial planning experts: