Education is the paradigm for success. Students go for higher education in order to replenish their monetary requirements, for their safe future and a sound life. But, when you witness the present debt crisis the opposite seems to be playing the game. It is almost impossible for the students to graduate schools without clearing their debts, taken to complete their education. In fact, in accordance with the stats, 70% of the bachelor degree recipients leave their graduate school without clearing their debts. This approximately reaches to an amount of $1.2 trillion as the total amount of student loan debt per year. Imagine the impact on the economy when, on an average $35,051 is the amount of debt for each student of class 2015 which graduated.
- A college degree is imperative for almost everything. This is even more applicable considering the growing needs, innovations and luxuries.
- The federal money which is given to lower income students to comply with their college fee need covers less than one- third cost.
- More than 40% of Americans aren’t making payments towards the student loan programs.
- Approximately 3.6 million defaulter students have been counted.
- In fact, there are also another 300 million who are in forbearance.
The impact of the same is not good:-
- It definitely hampers their present and their future.
- Stress is associated with this financial turbulence.
- It is bound to have an influence on their family, personal and social life bringing it into jeopardy.