While the obvious answer may be “yes”, there is a growing concern among many college students (current and former) that they will never be free of this burden. The United States cannot count itself among the several developed countries that offer virtually free college education. Crushing student loan debt is stopping many millennials from buying cars, homes, and even basic necessities.
69% of 2018 college graduates took out student loans to pay for school. The average amount of debt for those graduates is $29,800. As you may already know, millions of former college students are defaulting on the federal student loans. To counter this issue, the U.S. government is taking this matter into their own hands.
There is a growing debate over the student loan debt problem in America. Millions of former students struggle to keep up with their student loan payments which have a carry over effect in areas such as car loan and mortgage payments. It is widely accepted that student loan debt repayment is as sure as death and taxes, but is that really the case?
The Student Loan Debt Problem
If you are one of the 44 million people in America that have student loan debt, you know what it feels like to be frustrated with this seemingly unforgivable burden. Currently, the total student loan debt in this country amounts to $1.5 trillion. The average debt for each student is $37,172. With so many people struggling with this debt, what can be done?
When consumers have more debt than they can repay, bankruptcy is a good way to eliminate that debt and get back on track. There are two types of bankruptcy available to a consumer, a Chapter 7 or a Chapter 13. A Chapter 7 is a liquidation of debt, where all
Raising kids costs a lot of money, and so does going to college. Many times the return on the college investment is not realized for quite a while, as most entry level jobs are at the lower end of the salary scale. Adding insult to injury is the fact that
Student loan debt is one of the fastest rising debts in the country. Most college graduates leave school with overwhelming student loan debt, and in some cases very few prospects for employment that will enable them to repay that debt. If you also take into account those students that go
One of the fastest growing types of debt is student loans. The cost of college has risen astronomically over the years, and in order to get ahead in life many students are resorting to taking out loans to pay tuition and other expenses. While this type of loan is generally
The cost of college or post graduate programs is quickly skyrocketing. Many graduates are finding it difficult to make their student loan payments, and are even resorting to working multiple jobs just to make ends meet. A student loan is just like any other debt, and if it goes unpaid