Financing and student loan repayment should be the last of a young person’s worries, with college on the horizon. Top priority, aside from picking the right college and environment in which to grow, should be enjoying the moment! We here at LoansMag understand this, and have therefore come up with the following infographic so as to present some of the important facts to prospective students before they commit to a loan that may hold them back in the future.
Unfortunately, the very nature of student loans means that young people are at risk. For those aged from 18-25, financial maturity may still be some way off – or at least, it is an age group that might have little experience when it comes to managing money. Applying for a loan is a huge financial commitment, and as such prospective students are very much open to being taken advantage of when it comes to finding the right deal. Studying the simple facts presented in the infographic below should prepare even those without much financial experience for the prospect of acquiring a loan.
In the infographic, you will find such information as the percentages of students in debt, as well as the comparison of average student debt when it comes to different lending avenues. For example, it can be seen that those students seeking loans from private lenders on average owe more money than those who obtain public loans. This can be compared to the average credit card debt per person, which is significantly lower. There is also a handy graphic to sum up the way in which students spend their money, or how they divide it between such expenses as books, bed and board, and of course tuition fees.
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