Many people don’t realize that life insurance has many more purposes than you think. Let’s take a look at the student loan problem.
How can I pay down my student loans?
Student loans can be extreme, especially when college costs exist at an all-time high. More and more Americans are facing a large debt ratio. It’s relatively easy to find a decent job in today’s market. However, is it truly meeting your salary requirements? Are you making what you need to pay off your debt and survive?
Where can I trim some fat with life insurance?
Student Loans can be as low as $20 a month. However, more than likely, you’re looking at a bill between $100-$300 a Month. That’s almost a car payment in some cases. All too often, we buy things just because we want them. Starbucks, new clothes, video games, furniture, and whatever else you might be tempted to buy just “because” should be cut out of your budget.
Average Student Loan Debt
On average, America’s student loan debt per capita as of 2016 is roughly $5,000. In total, the student debt is $1.5 Trillion. Student debt is a big problem in the United States. We must ensure that all students across the country can grow financially.
Make monthly payments with life insurance?
Make sure that you make your monthly minimum payments on your student loans. This strategy can be a small payment. However, I suggest paying more than your minimums. The minimums are a guide for you. But they also accrue the most interest. Your goal should be to get the lowest possible interest amount. Student Loans are sometimes a necessary evil. However, there is a way to ensure you don’t get behind on these bills. Every month, you at least pay your minimums. The faster you pay it off, the less you pay.
Life Insurance Questions?
We hope that this information on life insurance was useful to you.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage at (888) 539-1633 to speak to one of our Life and Annuity experts or leave a comment down below.
Get affordable life insurance quotes by clicking here.
See our other websites:
This article was updated on 6/7/2024.