Schools
Top 10 Illinois Cities Best at Taking on Student Loan Debt
And whad'ya know, almost all are in the suburbs.
Figuring out where to go to college is a huge life decision. One of the major factors you have to consider is whether you’ll have to – and if you’re able to – take on a massive amount of student debt.
Because after college….
There are some places in America that are better-equipped to take on more student debt. Wallethub.com took a peek at the median income and the average student debt of adults living in more than 2,500 cities across the country. Based on those narrowed-down characteristics, we picked out the 10 places in Illinois that can handle student loans best.
Find out what's happening in Tinley Parkfor free with the latest updates from Patch.
Plus, we added in a few quick tips from Excite.com on how to avoid getting slammed with mountains debt after you get your diploma.
10. Oswego
- Average student debt: $30,033
- Median income of adults aged 25-44 of adults aged 25-44: $102,689
Student loan quick tip: Don't bite off more than you can chew. Don't take loans that will end up being more than what you're expected to make in your field in the first year.
Find out what's happening in Tinley Parkfor free with the latest updates from Patch.
9. Deerfield
- Average student debt: $46,748
- Median income of adults aged 25-44: $174,375
Student loan quick tip: When it comes down to federal or private loans, federal is the way to go. They're fixed, so you don't have to worry about interest rates jumping up over time. Private loans don't make that same promise.
8. Lake Zurich
- Average student debt:$29,057
- Median income of adults aged 25-44: $111,131
Student loan quick tip: There are certain tax credits you might be eligible for when you file your student loans. For instance, if you're a teacher and work a certain number of years, you might get your loans forgiven. Make sure you know if you qualify.
7. Northbrook
- Average student debt: $38,580
- Median income of adults aged 25-44: $150,556
Student loan quick tip: There's more than one way to skin a loan. Figure out if an income-based payment, an extended repayment, or gradual repayment is right for you. The right option can make all the difference.
6. Plainfield
- Average student debt:$31,757
- Median income of adults aged 25-44: $127,284
Student loan quick tip: Consolidate your payments. It's easier on you in the long-run in terms of convenience and zeroing in on a predictable interest rate.
And here are the Top 5 cities in Illinois that are best-equipped to take on student loan debt.
