Members of the college class of 2022 may not consider themselves lucky. After all, COVID-19 robbed many of them of the complete college experience. Perhaps their reward for the start and stop of in…
Compared to those who have the unfortunate timing of graduating into a recession , the class of 2022 are indeed lucky, with an average starting salary of $55,260. Those starting numbers make the conversation about repayment of student loans a bit easier to swallow.
According to the Education Data Initiative, the average federal student loan debt balance is $37,014 and including private loan debt, it increases to be $40,904. Of course, average is just average and with total student loans outstanding at $1.76 trillion, there are stories of much higher loan balances.
It is highly unlikely that there will be a wholesale erasure of debt, but there are whispers that there could be partial forgiveness, likely some amount in the range of $10,000-$20,000 for low-and middle-income borrowers who earn less than $125,000 a year. Until there is a formal announcement from the Administration, it would be wise for student borrowers to prepare to make payments. In fact, regardless of whether you are graduating with debt or not, now is the time to create a financial plan of action, starting with a simple cash flow. Surveys from the CFP Board and Intuit have found that about 60-65% of adults don’t track expenses, but this task can be the key to controlling your financial life.
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