Know what you owe
"You can't manage what you can't measure."
Start by getting a clear view of your existing debt. This includes student loans, credit card balances, car loans, and other expenses. (Log in to Manage Your Loans to get your latest education loan numbers.)
This worksheet will give you a snapshot of how much you owe.
|
Student loans |
|
|
Non-consolidation loans |
+ $ _______________ |
|
Consolidation loans |
+ $ _______________ |
|
Total all student loans |
$ _______________ |
|
Other loans |
|
|
Credit card balance(s) |
+ $ _______________ |
|
Mortgage loan |
+ $ _______________ |
|
Other |
+ $ _______________ |
|
Total |
$ _______________ |
Though the total amount of your education debt may look high, the long-range view is reassuring. Your higher education means your earning potential is greater — possibly by millions. See the Census numbers below.
Why education is an investment that pays
|
$4.4 million |
professional degree |
|
$3.4 million |
doctorate |
|
$2.5 million |
master's degree |
|
$2.1 million |
bachelor's degree |
|
$1.2 million |
high school graduate |
Source: "The big payoff: Educational attainment and synthetic estimates of work-life earnings," U.S. Census Bureau.