Roughly 70 percent1 of the nearly 2 million projected graduates from the Class of 20172 will leave college with student loan debt.
In 2016, the average graduate had $37,172 in debt, up 6 percent from the prior year.3 Managing this debt can bring major stress to many students and their families.
Repaying federal student loans will never be without its anxieties, but you—or your child—can minimize them by choosing a repayment plan that suits your financial situation. You have several options, but remember to weigh your decision carefully, because the choice you make could have a big impact on your financial life. Learn more >
1 Source: USNews.com, “10 Student Loan Facts College Grads Need to Know,” referenced March 2017.
2 Source: National Association of Colleges and Employers, Projections of Education Statistics to 2023 (Table 21), released April 2016.
3 Source: StudentLoanHero.com “A Look at the Shocking Student Loan Debt Statistics for 2017,” March 2017.
Neither Merrill Lynch nor any of its affiliates or financial advisors provides legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.