Student Loan Debt
Does student loan debt blow your mind? It does mine! There is literally over $1 trillion in student loans in the US. How are students (or parents) supposed to re-pay their student loan obligations when they can’t find a job when they graduate? Unlike other debt, student loans cannot be forgiven when filing bankruptcy. Not that that should be an option because I think there are probably too many people filing bankruptcy anyway.
College tuition is rising each day. Not only that but when you have a student loan, many times you are paying a higher interest rate than on a home or auto loan. Sometimes (and I know from experience) that student loan interest rates can be as high as 8%.
I just read an article Pilot Program for Student Loan Debt Counseling while I’m sure this is a good program and counseling might help, the problem/question is why should students have to start off their careers with $30-$50,000 in student loan debt in the first place.
Sure there are a few “grants” that might help and some students might receive scholarships. But the bottom line is the middle-income families just cannot afford to go into debt at this level. If you already have money then student loan debt is not an issue. Just pay for it as you go along. If you have NO money, that’s not a problem either because our government will pay it for you. The middle-income family has the problem.
Like I said, student loan debt counseling might help but why have it in the first place? I’m not sure what the answer is other than government stepping in and helping out and many of us think the government is already in our lives to much.
It is very discouraging for a recent college graduate to realize that they will be paying off their student loan debt for the next 20 years. That payment alone will very likely be more than their rent.
While I don’t have the answer to avoid going in debt to pay for college, I do have a solution that will help make those monthly payments or better yet, just pay off all the student loan debt at once. You can check out these 3 Weird Tricks and find out how these two guys can help you too.
The Empower Network helped me cope with the financial burden of student loan. Watch the video at the top of this page and see how these two incredible men can help you ease the burden of yours or you child’s student loan debt.
Sherry Starnes
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