Student loan debt is a serious problem for millennials, and the massive debt will only continue to snowball. The interest rates are the biggest issue, of course, as time goes on.
Here are a few ways that millennials can tackle paying off their debt.
1. Refinancing loans
2. “Debt snowballing” (a term used by financial planners, which involves four steps)
• Order loans from smallest to largest
• Pay the minimum on all loans, except the smallest
• Focus on paying off the smallest
• Repeat the steps
3. Loan forgiveness programs