All around the United States there’s people graduating college right now. All of these graduates are graduating in hopes of finding their dream job and having their dream lives, but they realize they have to face one harsh reality: 21 years of student loans.
According to The Student Loan Hero, there’s over 44 million people who together owe over 1 trillion dollars of student loans. Current students know they’ll likely borrow a large amount of money to finance their education, but they appear to be disconnected from the reality of how long it will take to pay off the loans, according to a new survey from Citizens Financial Group. In 2016, the average balance of debt of every college graduate was of $37,172. According to the US News, it takes about 21 years for a bachelor’s degree holder to pay off his/her loans. The enormity of student debt and the length of time it takes to pay it off is a major problem in the United States. This is a real burden for the college graduates who are just starting off their careers. Federal student loan programs allow one to pay off a loan at a slower pace through income-based repayment plans that allow one to pay based on what one makes, not what one owes. The sad news is that there are only two ways to completely avoid paying back your debt: you either die or you can leave the country forever. Take your pick!
The amount of money that college graduates owe is posing a threat to the United States’ economy which is why Democratic politicians are thinking of ways to provide inexpensive tuition and have already proposed giving free public tuition for anyone that wants it. They also want to allow students refinance their loans at lower rates and cut student loan interest rate from 4.29 percent to 2.37 percent.
At Nationwide Student Loan, we can help you choose what loans will be the most beneficial to you so that you won’t be one of those college graduates that take 21 years to pay off their student loans. Contact us now to start a life where student debt won’t be your biggest problem! We are here to help.