Paying off your student loans efficiently is most important than ever before.
According to most recent figures from the Federal Reserve, 44.5 million Americans collectively hold $1.5 trillion in student debt. Even though college graduates have a huge advantage in the current labor market, borrowers across the country are struggling to pay off their loans.
The Department of Education estimates that just over 10 percent of student loan borrowers are in default, and researchers at the Center for American Progress estimate that as many as 30 percent of student loan borrowers can't keep up with debt just six years after graduation.
Americans have three main options for paying off student debt. CNBC Make It spoke with Charlie Javice, founder & CEO of online FAFSA platform Frank, to break down the costs and benefits of each option.