For years, women have worked toward equal pay in the workplace but still face challenges. People who make less money than they think they deserve may find difficulty paying necessary expenses and unexpected bills. No matter what you earn, loans for bad credit may be able to help you out of a financial jam.
According to a recent report from the American Association of University Women, females one year out of college make 82 cents for every dollar their male counterparts earn. In total, the average female graduate earns $35,296, while males make $42,918.
But it isn’t just women out of college who suffer from this pay gap. In addition, the average full-time female worker currently makes 77 cents for every dollar males earn. This rift has been relatively consistent for nearly a decade.
However, even though women with degrees earn less than men, it was noted that a college education is still very beneficial. Specifically, women with college degrees make 161 percent more than those with just a high school education. This is up from 153 percent in 1990.
College graduates who earn less right out of school can run into some serious financial difficulties, especially if they have student debt. However, with the right knowhow, you may be able to stay on top of your payments no matter how much you earn.
Basic Ways To Deal With Student Debt
Students who take on private loans to pay for college may face additional financial difficulty out of school. In contrast, those with federal student loans often find them more affordable to pay back and they often come with more favorable terms.
This makes it important to weigh all of your options before you enroll in classes at a college or plan to further your education.
On one hand, federal student loans often have lower interest rates, making them more affordable to pay off over time. In addition, these types of loans do not collect interest while you are still enrolled in classes.
On the other hand, private students loans may start to accumulate interest while you are still in school, resulting in a higher balance upon graduation. Also make sure to read the fine print. Sometimes these loan types come with hidden fees and unclear rules than could make them more expensive later on down the road.
What’s Your Balance And Repayment Options?
Understanding exactly how much you owe right out of college is critical to your repayment plan. The average student from the class of 2011 graduated with $26,000 in debt, up from $25,250 in 2010, according to the Institute for College Access and Success.
Depending on how much you make right off the bat, you may want to request an extended repayment option. This allows you to make smaller payments at first, which can be increased in the future once you start to earn more money. While this can result in additional interest, it can often be tax deductible, which can keep more money in your pocket.…