Although your financial aid package will likely consist of many types of financial assistance—grants, scholarships, Work-Study funding—chances are you’ll end up needing to take out a loan. It’s more common than you might think: 7 out of every 10 college seniors who graduated from public and nonprofit colleges in 2013 had student loan debt.
Student loan debt—the very phrase can strike fear into the hearts of college graduates everywhere. In 2012, the average college student graduated with $29,400 in student debt, and that number continues to climb; in fact, the student loan default rate is now higher than the national graduation rate. Scary stuff, right?
So what can you do?