Student loan debt: What you pay may be affected by college major, job

Published 8:59 AM EST Nov 4, 2019

The tool is widely available at major companies where Fidelity is a record keeper for the 401 plan. The tool is available online to the general public, too, at www.fidelity.com/studentdebt."Here's a snapshot of people looking for help," said Asha Srikantiah, head of the student debt program for Fidelity Investments.

Student loan borrowers should fill out the FAFSA as soon as they can to get the most aid. Oct. 1 marks the kick off date for those who will be in college in the fall of 2020.Many times, college grads focus on trying to make those monthly payments as low as possible by signing up for various repayment plans. The trade-off, though, is that extending your payments often means you're delaying paying off the loans as interest keeps building.

Those earning degrees in science, technology, engineering and mathematics may need to borrow more money in some cases. The Fidelity Student Debt Tool is used by borrowers who want to see all their student loan data in one place and explore the impact of different repayment options. The Federal Reserve noted in its report that individuals who did not complete their degree or who attended a for-profit institution are more likely to struggle with repayment.

One's ability to save for the future – or establish roots by buying that first home – may also be hindered by a big college debt burden. By contrast, millennials had average monthly payments of $469 on average student loan balances of $45,548.

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