Michigan College Grads, Traveling Could Help You Pay Off Student Loans
If you have graduated college, chances are you know student loans are the bane of many graduates' existence. Imagine all the things you could do without even just one of those monthly expenses...is traveling one of them? There may be a way you can take care of both!
First, Let's Talk About Michigan's Student Loans
Here in Michigan, our unpredictable weather makes it so many of our dream travel destinations are often somewhere warmer or more tropical. However, how much student loan debt is actually stopping people from making it there?
WILX reports that CheapTickets conducted a survey to find out how student loans affect travel plans for college graduated and found that one-in-four said travel would be their number-one investment if it weren't for the added expense.
According to Student Loan Hero, as of December 21, 2020, Michigan ranks 20th in "average federal, private student loan debt across U.S."
Student Loan Hero's data shows borrowers in Michigan have an average debt of $33,487. With 1.4 million student loan borrowers here in the Mitten, that "total outstanding debt" totals to about $51.4 billion.
CLICK HERE for more statistics and information on repayment plans, refinancing, etc. in Michigan.
Take A Trip AND Pay Down Some Debt
WILX reports that travel website, CheapTickets wants to not only send you on that vacation you've probably been dreaming of but putting off because of student loan payments. BUT THAT'S NOT ALL, they are also going to take care of your student loan bill(s) for a full year.
How it works is, the contest opened up Monday, May 31st and runs through Sunday, June 6th. That's when WILX says college grads who are 20 years of age and up can go to cheaptickets.com/students and enter to be one of five lucky winners.
WILX says with the average student loan payment costing about $393 per month, CheapTickets will be awarding winners $4,716 towards their student loan bills while also throwing in $250 in "CheapCash" they say to be used toward eligible hotels on their website.
What Would You Do Without Student Loans?
Anyone who takes out student loans can acknowledge that, yes, it was our own decision to do that. However, it's not hard to see just how expensive they are and how much people struggle through paying them.
However, at the risk of getting too political here, let's keep it light and all share what we would do if student loans were an expense eliminated from our lives.
I would DEFINITELY travel more but also get a new car, start better saving habits, get a dog, etc. Of course, I know I would not be living like a millionaire but it would definitely give me some more financial freedom.
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