Debt is a part of adult life, a fact that many college graduates learn early on. When handled well, debt is a powerful credit-building tool; when handled poorly, debt can become a barrier to future financial progress. However, not all debt is created equal. While some debt is considered good debt, other debt is not so great. And then there’s student debt. Ameritech Financial, a document preparation company that assists student loan borrowers in understanding and applying for federal repayment plans, reminds borrowers that student debt is different and can affect borrowers’ finances in surprising ways.
Nationwide, student debt levels have been climbing for over a decade and have reached $1.4 trillion, becoming the second-highest kind of household debt behind mortgages. Furthermore, more people are