Student Loan Cost Analysis

“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.

College students graduate with an average student loan debt of approximately $37000. Of course, that's not the whole story. Millions of college graduates have student loan debts ranging from $50,000 to over $200,000.

While conducting research, I discovered that the average debt of graduates from the University of North Carolina at Greensboro in 2014 came to an accumulative of $23,265. It will take at least 10 to 20 years to pay off this amount of college debt. This situation was alarming but somewhat motivating for me to try my best to receive many financial opportunities in the prevention from having an immense amount of debt. Having an education tops one of many values on my list even though it does not come as inexpensive or free.

There is somewhere between 902 billion dollars and one trillion dollars in total outstanding student debt today, and around 60 percent of college students borrow money annually to pay for their tuition and books (Ghannam). Seven out of 10 seniors (69%) who graduated from public and nonprofit colleges in 2014 had student loan debt, with an average of $28,950 per borrower.

The student loan debt total was about nine hundred and two million dollars to one trillion dollars in the United States in 2012; the federal student loan debt made up about eight hundred and sixty-four billion dollars of the total debt (Driscoll and Clapp). Many people in the United States that cannot afford college tuition and additional fees take student loans and/or federal grants. Student loans are different from federal grants in that the loans have to be paid back with interest, while federal grants do not have to be paid back. A federal grant is also known as financial aid. Students with lower income are less likely to attend college because of student loan debts. The government does provide some help, however, there are limits

According to the Federal Reserve Bank of New York, student loans have quadrupled since 2004, to $1.2 trillion (Brown). This insurmountable debt is an astronomical problem for Americans today and more so, for future Americans. College tuition has been rising for the past 40 years and will continue to do so exponentially. In an asset management report done by J.P.Morgan in 2014, the firm projects the cost of private universities to be at roughly $90,000, and $40,000 for public four-year universities in the year of 2030 (Badkar). If the government remains dormant toward this issue, college students 20 years from now, will be burdened with an even larger amount of debt.

When individuals are in college, they are often blissfully of just how much student loan debt that they are racking up. When individuals graduate from college, they often have a high degree of sticker shock when they realize just how much student loan debt they have accrued. People are also of the mindset that there is nothing they can do with their student loan debt but pay for it. However, they are plenty of programs that individuals can use to pay off their student loan debt or even have it completely cancelled. The first step is simply to ask. Sometimes even asking the student loan servicer will help individuals to get their student loans debts cancelled or forgiven. Here are tips for working with your student loans:

Although the majority of students in college struggle with finances, STEM majors and underrepresented minorities, specifically have a daunting task of paying for college at a remarkably young age. According to the article, “Debt Overload”, by the National Society of Professional Engineers, “…28% of African American students reported $33,500 or more of undergraduate debt compared to 15% of Caucasian students.” Also, students with Science, Computer Science, Engineering, Environmental Science, or Mathematics majors accrue over $20,000 a year in debt. Majority of student loan debt exceeded $900 billion in the first quarter of 2012, up $30 billion from the previous quarter, the Federal Reserve Bank of New York reported on May 31. This number has increased by $663 billion since just 2003. Student debt is so widespread that two-thirds of the class of 2010 graduated with loans averaging $25,250 each, according to the Project on Student Debt. While studying the article, it was clear that another possible reason that students did not enter the STEM profession was because they could not afford to go in debt for a degree that often required further education after a Bachelors. At the same time, the country is

1) Summarize the student loan industry. Answer with respect to both public and private loans and be clear as to which you are referring to.

America is dealing with a student loan debt crisis were are $1.2 trillion in debt and that continues to grow. As college tuition contines to rise and interest rates on student loans are very high it is time to take action. Bernie Sanders wants to make college affordable and lower the rates on students loans. The exigency is the unaffordability of college and the extremely high intrest rates Bernie realizes the problem and now must address education reform.

Most of the students owe about the average of $28,400 in federal and private loans

I think the most interesting is the Student Loan Debt because it shows how many people are actually struggling just so they can attend school and make something out of themselves. I think the most important is the National Debt because we as a nation are very deep in the hole when it comes to money and how much we owe and we need to get that fixed as soon as we possibly can. And lastly, the most confusing to me would be the Total Debt per Family against the total savings when you don’t even save as much as you spend and even if you do save you just end up going in debt in the future so there isn’t much of a

Student loans that help pay for college can average out to be about $33,000. As a young graduate, this excessive amount of debt can leave you stagnant and enslaved to your debtor even over the age of 60. To avoid this Maggie McGrath, a staff writer for Forbes disagrees. In the article, "Money Isn't Everything: When It's Worth Taking On $50,000 Or More In Student Debt,” the general rule of thumb dictates that you shouldn’t borrow more in loans for your undergraduate degree than what you expect to make your first year out of (para

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 Student Loan Problem No One is Talking About” (http://www.marketwatch.com/ story/the-student-loan-problem-no-one-is-talking-about-2016-07-12), Jillian Berman discusses how students who do not finish college often have the most problems with paying off their outstanding loans. She shows that despite the fact that drop-outs tend to have lower student loan balances, they are more likely to miss payments compared to their degreed counterparts. The article also presents a way to avoid this problem and a plan for how students can pay loans back without missing payments.