Answer to Question 1
A common type of debt many young married couples have today is student loan debt.
Today, two-thirds of all students who complete a four-year undergraduate degree graduate
have an average of 19,237 in student loan debt (National Postsecondary Student Aid Survey,
2005 ). Of course, this amount is significantly higher if a student obtains a higher degree or a
professional degree.
Student loans are typically low-interest loans that students are responsible for paying back
after graduation, leaving school, or dropping below half-time enrollment; typically, repayment
begins within six to nine months (U.S. Department of Education, 2008 ). The U.S. Department
of Education emphasizes that these are real loans with real consequences for not paying them
back, such as negative impacts on a person's credit score. There are a number of repayment
plans possible that provide flexibility in how and when the loans can be paid back.
Payment amounts are determined based on the size of the loan debt and the time allowed
to pay the debt back. According to Federal Student Aid guidelines, daily interest on student
loans is calculated using the following formula:
Number of days since last payment X Principal Balance Outstanding
X Interest Rate Factor = Interest Amount
Under some circumstances, student loans can be cancelled or even forgiven, as is the case for
some public service employees. Loan consolidation, or combining all student loans into one
outstanding debt and one overall payment, is also an option many students are choosing.
Answer to Question 2
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