By Ashley Gordon, CFPB
Just a year away from graduating with $23,000 in student loans, Leah didn’t know how she was going to make her payments. They were a constant source of stress in her life; she would lie awake at night thinking about how she was going to pay off her student debt. She was worried about her future.
We understand that fear – it’s why we built our Paying for College tool. It helps students and recent graduates inform themselves about the true cost of college and the repayment options available after graduation.
Leah learned about the Income Based Repayment option, which helped to significantly lower her monthly payments. “It’s a lot less stressful now,” she says; “It feels amazing… My husband and I don’t feel like we’re living paycheck to paycheck. I wasn’t informed when I was taking out my student loans of the reality of after college. And now students have the CFPB website to know in advance and be informed of what to expect when they graduate. I took charge of my student loan debt. Now other students can take charge of theirs thanks to the CFPB.”
Do you have a story like Leah’s? Do you want to find resources for students and graduates? Or are you interested in what other people are saying about their experiences with financial products and services? Check out Everyone has a story.