How much does a student loan consolidation loan cost?
Credit cards are the new “personal” loans, but many are still being used to help pay for college, and the amount of debt consolidation loans are growing at a much faster pace than ever before.
Credit cards, however, are still only used to pay for student loans, which means the average student has to pay more than $300,000 on average in consolidation loans.
And for the average consumer, it can be hard to know exactly how much consolidation loan debt a consumer is paying off.
This infographic provides some simple math to help you figure out how much a student will need to pay off in consolidation debt.
The infographic also includes an estimate of how much student loan debt consolidation loan payments will be in the coming years.
While the number of consolidation loans currently outstanding is very small, the total amount of consolidation loan money being paid out is growing by the day.
As consolidation loans continue to grow, the average debt consolidation student will have to pay an average of $2,500 a year on average for consolidation loans in the next few years, according to the Consumer Financial Protection Bureau.
Even with consolidation loans now being used as the primary source of college debt, the percentage of student loans paid off in this manner is still small.
But the number is growing at an even faster pace.
According to the latest data from the Federal Reserve Bank of New York, student loan balances were up 3.5 percent in March, compared to a 4.9 percent increase the same month in 2016.
A total of 3.4 million students are in default on their student loans in 2016, and they will likely grow even larger in the future.
In fact, default rates on federal student loans increased 7.6 percent in 2016 compared to the previous year, according the Consumer Federation of America.