Ohio students are facing significant financial challenges as the state ranks among the highest in the nation for college debt, with an average of over $30,000 per student.
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The U.S. Department of Education reports that Americans collectively owe more than $1.5 trillion in college loan debt, and Ohio is one of the states with the highest levels of student debt.
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“They’re concerned about rising interest rates in the environment that we’re in, or that they or their loved one or student could be in when it’s time for repayment,” John Burdoff, a regional retail leader for KeyBank, said.
Burdoff advises that the number one thing they tell clients is to get with a banking expert or into a state-sanctioned tax-free plan and start saving early.
He also suggests considering cheaper options first, like vocational and two-year colleges, to determine the course of study and then transferring credits.
School counselors can help track down scholarship possibilities to help with costs.
“There’s a number of resources out there to help you determine that, such as federal loans versus subsidized loans, calculators to help a family or a student understand what goes into the expense and what do we really need?” Burdoff added.
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