Student Loan Debt
Get An Education My Son! When we grew
up, our parents pushed the mantra, “Education is the key to
success.” And they were right! The problem is, education has
become extremely expensive. The average student is graduating
with about $21,000.00 in Student Loan Debt and with the economy
in upheaval, it's getting much harder for graduates to tackle
credit card debt, mortgages and auto loans, let alone student
loan debt. Quite frankly, this is a burden, no other generation
in history has had to deal with. In this session, we are going
to take a look at student loan debt and hopefully offer some
solutions to make this journey less burdensome.
When It Comes To Student Loan Debt… You’re Not
Alone!
Escalating college tuitions are making student loan debt an
eerie fact of life for students everywhere. The average cost of
tuition for 4-year colleges has more than doubled over the past
30 years. By the time you add up the cost of tuition, plus room
and board, the cost of attending a private college hovers
around $29,026 per year and around $12,127 at four-year public
universities. Consequently, student loan debt has reached
overwhelming proportions. As we face these uncertain economic
times, more individuals are feeling the pressure of the costs
of education.
Student Loan Debt Facts The facts don’t
lie; graduates are having a hard time coping with student loan
debt. The percentage of Americans with outstanding student
loans that say this debt is preventing them from making major
purchases, such as a house or a car is increasing. Thirty
percent of those polled say their student loan debt is a major
burden. Once an individual becomes part of the student loan
abyss, they must tread lightly. If student loan debt is not
managed properly, it cannot only lead to bad credit, it can
also lead to loss of eligibility for future federal aid, and
the possibility of wage garnishment and the withholding of tax
refunds.
I truly believe it is time for college students and
graduates to rally together and establish a grassroots
organization that lobbies for student loan reform. Unless that
happens, the powers that be will gladly sit back and watch as
the student loan debt meter continues swelling to epic
proportions.
Help With Student Loan Debt If you are
having challenges with paying your student loan, there is help
with nonprofit organizations such as American Student
Assistance. They offer outreach and education, loan repayment
counseling, budget planning, information on repayment options,
and even help for borrowers who have defaulted on their
loans.
If you have federal loans through the Direct Loan program,
you may qualify for an income contingent repayment plan. Or, if
your income isn't sufficient to repay a federal loan, you can
apply for an economic hardship deferment or forbearance, which
would suspend or reduce your monthly payments. Just bear in
mind that the interest will continue to multiply on student
loans that are not federally subsidized. The important thing is
to act now! Don’t wait until action is taken against you. To
determine if you qualify for any these programs, check out the
website Finaid.org.
People who read this, also read:
William Phillips brings a degree in
economics and an unwavering passion to help fellow Americans
come from under the clutches of debt. He believes that with the
right debt
advice or debt
counseling, anyone can recover from the stresses of being
overwhelmed with credit card bills and other debts.
Source: http://www.DebtErasure.com
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