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Lesko: Moves Before College to Avoid Student Debt

Jason: Seven in ten college grads begin their careers saddled with student loan debt. Greg Lesko of Lesko Financial says many later wish they'd done it differently. Greg.

Greg: Thanks Jason. Student loan debt in the U.S. Now totals over one trillion dollars with the average borrower owing $28,000 on graduation day. A recent study of workers who had borrowed to get their education found that nearly a third later regretted the decision.

An equal number blamed their student loans for keeping them from reaching their financial goals.

Jason: What kinds of problems did they experience?

Greg: It put those just starting their careers in a difficult situation, with loan payments taking big chunks out of their budgets. For many, paying off the loan meant putting off buying their first house or starting a family. In some cases, recent grads had a hard time even paying for basic necessities.

Jason: Is there any relief for those in that situation?

Greg: It may be possible to make changes which help them earn more, spend less and manage money better. There are also refinancing possibilities, as well as government programs to reduce or forgive loans for certain career paths.

Jason: How about those saving for a future education?

Greg: It's a good idea to explore every avenue to keep from ending up overburdened with debt. A 529 savings plan is one possibility. There are also many grants and scholarships, - it's well worth the time to research them.

Also, many students work their way through college so they don’t have to borrow as much. And there are also lower-cost alternatives such as state colleges or save even more by starting your first two years at a local community college .