(BPT) - As the academic year comes to an end, many are taking a monumental step in their lives. Whether they’re high school graduates headed off to college, college graduates about to experience life outside the classroom full time, or parents who have continuously offered their support and are about to become empty nesters, this transitional time can be consumed by many emotions.
Along with any major life milestone comes the point in time when it’s necessary to make informed decisions and have confidence to take the next step, and one increasingly looming challenge involves the prospect of a mountain of student debt faced by so many families. According to EducationData.org, 47.9 million borrowers in the U.S. have student loan debt. In fact, Americans of all ages and generations feel the impacts of student debt, with Fidelity data indicating Baby Boomers are more than twice as indebted as Gen-Z. It’s important to know the resources available to students and parents at every stage of the journey, whether that’s before a child enters high school or 10 years after graduation from some form of higher education. Here are five tips for tackling student debt at any life stage: