If you're struggling with student debt, or your adult child is, you're not alone. Around 44 percent of full-time college students borrow money, up from 34 percent in 1992. After graduation, young singles may bunk at the Mommy Hotel until they can get rid of their debt. Young couples at the altar are pledging to love, honor, and support each other's loan repayments. You have to start paying back student loans six months after leaving school, and initially get 10 years to do so.
Most people manage.
But if you're in a low-paying job or live in an expensive city, your monthly payments may weigh you down. You can lower your payments by consolidating your student loans. That means packing them into a single loan and stretching out the term. Lower payments give you breathing room. On the other hand, if you lower your payments, you might increase spending in other areas.