Contact Us
Make My Homepage

Are You Saddled With Heavy Student Loan Debt? [AUDIO]

Student loan debt is a big problem for 20-somethings, but it’s also a challenge for people in their 30’s and 40’s.

Student loans
Zephyr Picture, Getty Images

“There are about 14 million people under 30 carrying $292 billion in student loan debt, but those in their 30’s hold $307 billion in debt, while folks in their 40’s are carrying $154 billion in debt,” says the Director of Merrill Edge in Cranford, Raymond Tenpenny.

“It has a multiplier effect when you have this much debt when you’re trying to purchase a home, fix damaged credit scores – it could mean maybe you purchase a smaller home. So as housing prices continue to increase in the future, your equity in that home is lower.”

To lower student loan, Tenpenny recommends putting together a plan, and staying disciplined.

“There’s a lot of online tools that are available out there to help you build a budget, and stay on track,” he says. “Seek help, get advice, use the online tools that are available to you, and pay with cash, and not use those credit cards.”

He also points out saving for college is extremely important, which means you’ve got to start saving early for your higher education.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.