The Hard Truth About Student Loan Debt

If you’re a prospective, current, or former college student, then you’re probably no stranger to student loans and student debt. Wherever you are in your educational journey, this type of debt has the potential to impact your entire life and future.

Perhaps you’re applying for college, but aren’t sure how you’ll pay for it or pay back your student loans upon graduation.

Or perhaps you’re a college graduate and you’re saddled with student loan payments that you’re struggling to pay back—which is hindering you from doing the things you’d really like to be doing with your life, like travelling or buying a home.

You’re not alone. The national student debt is higher than ever, in other words, a national crisis.

Many people want to attend college or graduate school, but fear the crippling monthly payments they’ll be obliged to pay upon graduation, sometimes for decades.

Here are Just Some of the Jaw-Dropping Facts and Statistics About Student Loan Debt:

  • $1.5 Trillion = The total national student loan debt

  • $521 Billion = The amount that student loans exceed the total national credit card debt.

  • $32.6 Billion = delinquent Loan Balances (30+ Days)

  • 47 Million = Approximate number of Americans with student loan debt (That’s roughly 1 in 4 Americans paying off student loan debt!)

  • $30,000 = The average amount of student loan debt that students (class of 2018) will graduate with

  • $2,858 = the amount of debt accrued every second

  • $400 = the average monthly student loan payment

These numbers are staggering, but don’t let them get you down or hold you back from aspiring to your greatest dreams.

How Scholly Can Help Reduce Your Student Loan Debt

Scholly’s entire mission centers around creating opportunity for all students, which includes helping make college more affordable.

If you’re a prospective or current student…

You can use Scholly Search, our adaptive scholarship search engine, to help you find scholarships tailored to you specifically.

Are you an athlete? A Math major? The first in your family to go to college? There’s money out there for you. There are literally millions of dollars in scholarships geared toward all kinds of individuals.

Before Scholly, this money was much more difficult to track down, but Scholly helps you build a personalized profile that increases your chances of finding as many scholarships as possible.

Here are a few tips for making the most out of the scholarship search process and increasing your chances of winning scholarship money:

  • Just go for it—even when it’s a long shot! You may think, “I couldn’t possibly win that scholarship!” But the truth is, you never know what you’re capable of until you try. Do not discount scholarships that are highly competitive or selective.
  • Don’t skip the “small” scholarships! There are tons of scholarships that, relatively speaking, are are “small” compared to some of the more substantial ones offered. Be mindful not to discount these, because small scholarships add up! A $500 scholarship, for example, can be used to cover the cost of textbooks; that’s $500 you don’t have to come up with or pay back. There’s not limit on how many scholarships you apply to, so make all of them count for you!
  • Write strong essays. Not all scholarships require an essay component, but do not skip applying for a scholarship because it does! The truth is, many scholarship essays are quite similar, so once you write one great scholarship essay, you can tweak and tailor it for each scholarship application. Make sure to check out Scholly Editor as well, which will help you deliver your best work.

And if you’re a graduate looking for student debt relief…

Scholly can help you too! In fact, we offer frequent student debt payoff and pay-down programs, not just scholarships. So regardless of when you graduated, if you still have student loan debt weighing you down, make sure to check out all of our amazing opportunities. It’s never too late!

Check Out Our Most Recent Student Loan Payoff Program!

Make sure you apply to our current payoff program in partnership with The Sun Is Also a Star, which hits theaters today! 10 lucky students or graduates will win a year’s worth of their student loans paid off fully!

Find more details and apply here!

Sources:

Debt.org/students

Friedman, Zach. “Student Loan Debt Statistics In 2018: A $1.5 Trillion Crisis.” Forbes. June 13, 2018.

A Shocking Look at The Student Loan Statistics for 2019Student Loan Here & Lending Tree.