Managing Student Loan Debt And The Effects It Can Have On The Economy

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Managing student loan debt and the effects it can have on the economy College today is so expensive that most people that are fortunate enough to attend, end up having to take out student loans at one point during their collegiate careers to help pay for their tuition and other fees associated with college. If people do not manage their student loans right, the debt can pile up and put you in very shaky financial state, and have major impacts on ones life as well as others too. There are ways that you can manage your student loans, and pay them off in an effective and timely manner such as: paying of the most expensive loan s first, picking the right payment options, staying in touch with your lenders, and paying more than the required…show more content…
When it becomes time for someone to pay off their student loans, it can be a long, complex, and strenuous process. Attorney Heather Jarvis, a specialist in the field of managing student loan debt, graduated Duke University School of Law with a total of $125,000 in loans. “Four-year college graduates continue to experience far less unemployment and earn higher salaries than those with only a high school education… But higher education is expensive and scholarships and grant aid has failed to keep with the rising tuitions.” Says Heather Jarvis. This shows that yes attending college is beneficial to people and their futures, but with tuition continuously rising year after year, colleges have failed to keep increasing the scholarships and grants they give out, which in turn causes many students to end up taking out loans, which if they don’t manage right can have endless effects on their future. “In the United States today, there are approximately thirty-seven million student loan borrowers who together owe more than one trillion dollars. Seven in ten college seniors who graduated in 2012 had student loan debt. Those who had student loan debt owed an average of $29,400.” This is why it is so important to constantly monitor one’s loans, because they can pile up very quickly and suffocate you with debt when you finally get around to paying them. Student loan debt is having harsh effects on people, and
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