Americans’ student loan debt reaches $1.6 trillion Talk to anyone about the sacrifices they’ve made for higher education and you’ll likely hear about late-night study sessions, cramming for finals and stressing over getting the right internships to find the perfect job.

But the cost of getting those notches on your belt has never been higher, and for more than one in four Americans, that means taking out a loan to pay for it.

Figuring out how to pay back that bill, and whether or not it’s worth it, depends on a few factors, like the type of loan you have and your individual financial situation . So when is a student loan considered good debt?

Quenton and Marchelle Ross are two of the 44 million people saddled with a student loan, owing almost $120,000 together . For them, the debt was a good investment:

“I never really heard about [people paying off student loans] too much,” Quenton told Fox Business. “My mom had loans for, like, 20 years after she graduated. It was just kind of something that you assumed would always linger around and never go away. ‘It all boiled down to freedom’: How a Michigan couple paid off $120,000 in student loans in less than 3 years “I didn’t want to work my entire life … and always have to pay bills,” Quenton Ross, one half of the couple, told Fox Business. “It wasn’t the just debt. It was really a bigger factor for us.”

“So that’s kind of how I looked at it.”

But after taking a hard look at their budget, cutting back on some expenses and using their degrees to open a business and bring in more income, they beat the odds. Good debt = When you borrow money to invest in something that will appreciate or increase in value over time then you have good debt. A mortgage loan can be “good” debt, when your home increases in market value over the life of the loan. “When I think about the value of college,” Quenton said, “I tell people that a degree doesn’t prove you learned a […]

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