WILMINGTON, Del.--(BUSINESS WIRE)--Earning extra income, building an emergency fund, and saving for retirement rank as the top three financial goals for 2018, according to a recent national College Ave Student Loans survey conducted by OnePoll. While the majority (63.5%) reports student loan debt does not affect how much they will spend this holiday season, many are looking at next year as a way to increase their overall income and savings.
Respondents are also financially conservative about how to use an end of year bonus or cash gift this holiday season. Only 1 out of 10 (14.6%) said they would spend it. On the top of people’s list is to build an emergency fund and pay down consumer debt.
When it comes to creating an overall financial plan, student loan debt is part of the puzzle many are balancing with big financial decisions. Interestingly, half of respondents (50.5%) said student loan debt does not affect their retirement goals. However, 4 out of 10 (42.9%) said student loan debt does affect home ownership.
“The College Ave Student Loans survey highlights that people are focused on building a stronger sense of financial security by increasing their income and overall savings,” says Joe DePaulo, CEO and Co-Founder of College Ave Student Loans, a leading fintech marketplace lender of private student loans. “However, a strong financial plan for 2018 includes a good financial balance – saving, increasing your income and paying down debt.”
For student loan borrowers, paying down student loans should be part of the financial mix for 2018. According to the survey, nearly half (49%) say student loan debt is the most stressful debt to own. For those balancing a list of financial priorities for 2018, here are three things to keep in mind in terms of student loan debt:
1) Get a copy of your credit report, and make a plan on how to increase your credit score. Increasing your credit score will only help you with future financial goals, such as buying a home or new car. The credit report will also list which loans you have and who is servicing them.
2) If you can, pay a little more down on your debt, including student loans. With your list of consumer and student loans, write down the principal payment, remaining balance and the interest rate for each. Many choose to pay down the loans with the highest interest rate first; however, others choose to try and pay down the smallest debt balance first. Whatever your personal plan, for your student loan debt (and for many other types of debt), if you can, try to pay more than your monthly payment. By doing so, you will pay down your debt faster and save money in the long run.
3) Take interest rate reductions. Consider setting up automatic payments for student loans. Not only will this help you build good credit by avoiding missed or late payments, but many lenders also offer a rate discount when you enroll in their automatic payment programs. For example, College Ave Student Loans provides a 0.25% interest rate reduction as long as a valid bank account is designated for automatic monthly payments.
About the Survey
The College Ave Student Loans survey was conducted by OnePoll. The national survey had 1,000 U.S. adult respondents ages 18+ and was conducted between November 17-21, 2017.
About College Ave Student Loans
College Ave Student Loans is simplifying the student loan experience so students can get on with what matters most: preparing for a bright future. As a fintech lending company with a sole focus on private student loans, we’re using technology and our deep industry expertise to connect families who need to cover education costs with lenders who can provide that funding. By specializing in student loans, we are able to give our customers the attention they deserve and deliver loans that are simple, clear, and personalized for the individual: we help you find your perfect fit. We offer competitive rates, a wide range of repayment options, and a customer-friendly experience from application through repayment. Visit: www.collegeavestudentloans.com.