Consolidating loans can help cut debt

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According to a recent study from the Federal Reserve Bank of New York, adults with a bachelor’s degree earned almost ,000 more per year — that’s every year, over an entire career — than high school graduates in 2014.

Meanwhile, degree holders have an easier time finding a job to begin with: The unemployment rate for high school graduates was 6% in 2014, but just 3.5% for bachelor’s degree holders.

Your payments might be lower, but you might literally be paying them off until you’re a grandparent.

Here’s the biggest thing most young students fail to consider before they borrow more than they really need to – once you borrow the money, there’s no going back.

The bottom line: Student loan debt may make it harder to buy a home.

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This is where student loan debt makes things much harder; not only does it chip away at your ability to borrow for a new home purchase, it also eats up funds you could use for a down payment.

If you graduate from college at age 24, for example, and start paying right away, that means you can be debt-free when you’re 34. The problem, however, is that the more you borrow, the harder it will be to pay it all off.

And that’s why people with certain types of loans, and much bigger balances, can opt for an extended repayment plan that takes up t0 25 years.

And while student loans are almost always considered “good debt” that can pay for themselves many times over, this is the moment where fortunes are made and lost.

This is the moment where you decide what kind of life you truly want to have – a lifetime of debt, or one where it’s easier to start a family, buy your first home, and move on with your life.

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