Local experts shares tips on how to tackle the crippling student debt crisis
YUMA, Ariz. (KYMA, KECY) - If you are still struggling with student loan debt, now may be the perfect time get it under control.
According to the Education Data Initiative, over 42 million americans have outstanding student loans with the total average student loan debt a little over $40,000.
Loan expert Jack Wallace shares some practical tips on how to lower payments and pay your loans back faster.
"People don't realize that student loan interest is, just the interest part, is deductible up to $2,500 on your taxes, so depending upon your income, talk to your accountant or whoever is doing your taxes and see if you qualify," said Wallace.
He also offers other advice like mindful spending, paying debt on time, and finding repayment plans on the student aid website.
"We need to make sure that we are educated consumers, and we watch what we're spending in discretionary income," said Wallace. "Take that you know extra income and pay down the debt because if you pay it down faster, you're gonna pay less debt, less interest, and you’ll be in a better financial position to buy a house or buy a car."
