The days of million-dollar student loan debts may be back: According to the U.S. Department of Education, at least 101 people owe more than $1 million in federal student loans, up from 14 individuals in 2013.
But according to financial expert Chris Hogan, there are several key ways to avoid accruing massive amounts of debt while still receiving a college education.
“It’s pretty easy for people that are unaware,” Hogan told FOX Business’ Maria Bartiromo during an interview on Tuesday. “You walk into the financial aid office, and you keep signing documents year after year. It’s an epidemic.”
For starters, Hogan said, students need to stop borrowing money. In order to do that, they should consider taking a second job to help pay off the debt -- putting all the extra money toward that goal -- or downsizing their lifestyle financially, he said.
“That means selling your home if you have to, look to rent if you need to,” he said. “But you’re going to have to work, and work hard, to get out of a million dollars of student loan debt.”
He also urged parents to teach their children about how to make wise financial decisions, and urge them to go to a less expensive university, if necessary.
“Credit is going to be available,” he said. “We just have to be adult enough to say no and understand that this debt is a threat to our future.”