How To Reduce Student Loans

“Ensuring quality higher education is one of the most important things we can do for our future generations” (Ron Lewis). There are more students enrolling in post-secondary schools than ever before and consequently there are more students acquiring large debts. Once a student graduates, they enter a $33,000 or more student loan debt (Students Loan Resources). These student loans continue to place graduates into large debts, which is largely caused by their lack of knowledge of available resources, and this impacts their everyday lives and future generations.

Student debt is a topic that generates a lot of debates. From politicians to lenders to students, everyone has an opinion on the topic. With a trillion dollar national debt, it’s not surprising why the topic is such a huge issue and the solutions are even greater. The student debt is a form of debt that is owed when a student has completed college or drop out. The average interest rates for the ungraduated and graduated are 4.45% to 6% (Quadlin). To pay off all the students’ debt, it will take 10-25 years to complete it. College students will have at least six months before they have to make the first payment. Student debts can be a real problem for those who aren’t preparing for them. Student loans debt should have a longer grace period, lower monthly payments and repayment programs that apply to all because students will be able to manage and repay their debts in a timely manner.

An education is one of the most important tools a person can acquire. It gives them the skills and abilities to obtain a job, earn a wage, and then use that wage to better their lives and the lives of their loved ones. However, due to the seemingly exponential increase in the costs of obtaining a college degree, students are either being driven away entirely from earning a degree or taking out student loans which cripple their financial prospects well after graduation. Without question, the increasing national student loan debt is one of the most pressing economic issues the United States is dealing with, as students who are debt ridden are not able to consume and invest in the economy. Therefore, many politicians and students are calling

As of today Americans are facing a outstanding debt of 1.3 trillion dollars in student loans alone and it 's up to 43 billion students to pay all of that back in full. Our most recent graduating Class of 2016 student is coming out of college owing an average of $37, 172 in loans, making an increase of 6% since 2015. Which is significant amount of growth to have within such a short period of time. Many of these students are unable to make their monthly payments whether it be because of the tremendously high interest rates or because they simply don 't have the sufficient funds to pay their monthly quotas. But many student are also not aware of different options that are available to them that help eliminate their student loans in full or to repay their loans in a very doable and manageable manner. In this paper I will be discussing and focusing on the three most beneficial and commonly known options which are, public service loan forgiveness (PSLF) , the four different type of income based repayment (IBR), and refinancing your loans.

The message of student loan debt has been sinking in. According to Financial Aid Director Jim Kennedy, student loan debt has decreased 44 million in the last two years. With these three ideas students have been able to realize the importance of student loan debt and how to use it properly in college. This also helps when students hit the real world after they graduate college. They have multiple ways to pay the loans back do to the great methods that were

In the U.S. students are encouraged to earn a college degree, but the cost of an education turns many away. “Driven by the allure of a decent salary with a college degree, Americans borrowed to go to school. Outstanding student debt doubled from 2005 to 2010, and by 2012 total student debt in the U.S. economy surpassed $1 trillion” (Mian, Sufi 167). There are plenty of opportunities to obtain funds for college, including one of the most common, student loans. A student loan is defined as “a common way to fund education, specifically college and graduate school, and they provide educational opportunities that you otherwise may not be able to afford” (Barr). Student debt is at an all-time high in America. Over half of all lower income

Interest rates are constantly on the rise along with the cost of tuition and the income levels of students are not increasing in order to make ends meet. Therefore, student debt is spreading rampantly across our nation and is becoming a tremendous issue. Student debt is a topic that is relevant in today’s society because it affects such a large portion of the population. Furthermore, it is affecting the country 's economy in many ways. With the accumulation of debt, students are unable to afford to purchase a home, or at times, a brand new car because there is simply no way that they can afford such a large investment while they scramble to pay their loans.

Student loan debt is becoming more and more of a problem as time goes by. Evidentially, it is only its interest fee that student loan debt is becoming known for. According to Student Loan Hero, “Student loan debt is mostly for four-year or graduate degrees (“Student Loan Debt”). Student loan debt does have effects to people’s lives, but only because they allow it to build up from not paying it. Student loan debt is not something people has to live with, but it is what they choose to live with it can be taken away nothing is permanent. Most people do not understand what Student Loan Debt really is, and the confusion it brings in people’s lives need to be distinct; this problem can simply be done by colleges protecting students from going into debt, and loan company’s should allow them eight years after graduation before putting them into debt.

As Young teenagers become adults and start College, one issue that doesn’t seem as a big deal at the moment for many students are student loans. Young college students who don’t have the money, don’t have enough scholarship money, or family who doesn’t have the money to pay, will apply for student loans each year. They amount the student receives can vary depending on the college and what the student has achieved academically. Though interest rates are low with subsidized being 4.29% and unsubsidized being 5.84% ("Federal Student Aid" Interest rates and Fees), student loans still have a huge effect on college students once they graduate. One college graduate’s story helps explain the struggles for most students:

With the 2016 presidential election looming in the near future, the subject of student loan debt has become a major issue on the campaign trail. The national amount of student loan debt is 1.08 trillion dollars, with 11.5% of that amount in default or in 90+ day delinquent. To put that in perspective, total consumer debt at the end of 2013 was 11.52 trillion .(Forbes, 2014) According to an in class poll, only 7 students out of 169 students were completely confident in their knowledge of student loans. However, if we had lower tuition and expenses students wouldn’t have to take a loan out in the first place.

There are several governmental issues facing the American people in this day in age. Many of these issues have come to the fore front during the Presidential Campaign of 2016. One of the most popular and important issues in the United States is student loans. Colleges are full of expensive fees such as tuition, textbooks, and room and board. Many college students can’t afford to pay all of these fees and are forced to take a student loan. However, the interest rates on student loans are rapidly increasing each year. This leaves many college graduates in the open world with great debt that takes a long time to pay off.

Student debt is a major issue, especially in the United States. It often impacts on a student education. Mostly, students from middle class family suffer from it. In the United States, the cost of tuition fee is very high, which is the most common reason behind student debt. Though there are various scholarships and federal aids for the students to help with tuition fees, most of the universities and colleges don’t cover full amount of the tuition fees, which leads the students to take loans, which causes student debt. However, there are also difference between universities and the loan system. Federal colleges and universities often have affordable tuition fees, which often don’t require students to take loans. However, tuition fees of private colleges and universities are extremely high, which don’t only require students take loans, but sometimes, the loans are even sufficient to cover all the tuition fees. Moving to the loan system, there are two types of loans; loans with interest and loans without interest. Loans without interest are usually better and affordable to take, but loans with interest are very expensive and not affordable to pay at all. And often, loan with interest is what leads to the student debt. After all, high tuition fees and loans with high interest are the reasons behind student debt and the problems with student debt are enormous. More or less, every one of the problems with student debt impacts on student education, which then impacts on a student

Students on average have more than 25000 dollars in student loan debt they have to pay back because of this debt; The incredible amount of debt creates issues of students struggling to pay that money back.In order for students

In the United States today, the number of students graduating college with student loan debt is quite astonishing. In the article titled, “How the $1.2 Trillion College Debt Crisis Is Crippling Students, Parents And The Economy”, we will examine and break down the student loan debt crisis by the numbers. Today, almost two-third’s of students graduating college are graduating with an average of $26,000 in debt. For most students, $26,000 is a lot of money when the average annual income for a first year graduate is only in the mid $40,000 a year range. According to the Consumer Financial Protection Bureau, student loan debt has reached a new milestone, crossing the $1.2 trillion mark (Denhart, 2013, Introduction, par. 2). With student loan debt levels

In 2016, an accumulation of almost 1.4 trillion dollars of student loan debt was outstanding in America (Kess). Students from all over the nation, and the world for that matter, are going to higher education without the financial ability to do so. One of the few options for financial aid available to these prospective college students is to take out student loans to pay for the high tuition of most universities and colleges. While these loans are a modality for attending higher education, they often come with strings. Along with being several thousand dollars in debt, interest also accumulates into the total amount of the owed financial total. Until these loans are repaid the interest keep accumulating and the debt grows. With debt still affecting students negatively well after they finish their higher education, the price of college tuition should be abated.