Your student debt balance can balloon quickly: Here’s how to prevent that from happening

Your student debt balance can balloon quickly: Here’s how to prevent that from happening
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WED, DEC 26, 2018
YOUR WEALTH
Editor’s Note
How much people borrow to attend college isn’t always what they wind up owing … Often, it’s more — a lot more. That’s because, for so many borrowers, monthly loan payments are simply going to the interest accumulating on their debt — or worse, they’re not even paying anything on it right now. Currently, fewer than a quarter of student loan borrowers are repaying their principal, according to recent remarks from Education Secretary Betsy DeVos.

In the meantime, their debt is likely growing, and at an alarming rate. And, lest you think these cases are the exceptions, they’re not, says Persis Yu, director of the Student Loan Borrower Assistance Project at the National Consumer Law Center. “Loans doubling, tripling, quadrupling; it really does happen all the time,” she says.

There are steps you can take to protect yourself. Read on to learn how. For more great stuff like this, please follow me on Twitter @jimpavia and check out CNBC’s Financial Advisor Hub.

5b44bafc1696f.jpg Jim Pavia
@JIMPAVIA
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CONTRIBUTORS
5b460bc98c1ce.png Sharon Epperson
@sharon_epperson
5b44bc0e4b20b.jpg Josh Brown
@ReformedBroker
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