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Higher Education Costs
According to the Bureau of Labor Statistics, the average annual cost of college tuition at public universities rose nearly 60% between 2004-05 and 2012-13 — hitting $26,900 for four years. Private school costs increased even faster: Between 2005-06 and 2013-14, private university tuitions went up 67%.
Student Loan Debt
Student loan debt now totals about $1 trillion dollars. That’s almost twice the amount of credit card debt out there – and quadruple what Americans owed back in 2003. These days, student loans aren’t just a way to pay for college anymore. They’re the second largest form of consumer debt after mortgages.
Graduates Who Can’t Afford to Pay Off Their Loans
The New York Federal Reserve Bank says one in three recent grads won’t have enough money to repay their loans, even if they work their entire lives. And many students end up buried under mountains of debt. The average graduate carries around $30k in student loans and has less than $15k in savings.
Students who Choose Public Schools
Students who go to public schools actually get lower interest rates on federal student loans. At private schools, however, you’ll probably pay more in return for getting a better education. If you’re looking for a bargain, check out our list of free online courses here.
Public Universities Offer Scholarships
If you attend a public university, look for scholarships that focus on specific majors or fields of study. A good place to start is by checking out the school’s financial aid website.
Public Universities Are More Affordable Than Private Ones
Public universities tend to charge half as much as private ones do. Tuition at state schools averages around $10,000 per year compared to about $20,000 at independent colleges.
You Can Refinance Your School Loans
Most people don’t realize that you can refinance your school loans. Once you’ve graduated, you should contact your lenders to ask whether refinancing is an option.
Reduction In Student Loans
We’re just over a year away from 2019 being officially the Year Of The Woman. And while we’ve seen many women take steps to change their status quo, some have already broken down barriers and achieved great success. Among these was Jennifer Lawrence who, despite her young age, is making history by becoming the first woman to ever receive two Oscar nominations in the same year! But what about those who want to get out of debt? Well, it’s not impossible to achieve. Here are five ways to reduce student loans, starting today.
Take a Payday Loan
If you don’t plan to pay off your loan until your next payday, then you should consider taking a payday loan. These are short-term loans that can be paid back at any time using your paycheck. You’ll need to make sure that you qualify for a payday loan before applying, though, since they aren’t always offered to everyone. If approved, you can borrow between $100 and $1000. Depending on how much money you need, you may be able to lower your interest rate if you use a short term loan instead of a long term loan; however, keep in mind that the longer you have to repay the loan, the less likely you are to be able to do so. While you may not be able to lower your monthly payment when compared to a long term loan, you may be able increase the length of time you have to repay your loans, thereby reducing the total amount you owe.
Change Your Job
If you find yourself still working as a manager in a company that doesn’t allow women to hold positions above senior management, then consider changing jobs. Many companies are now encouraging employees to go beyond their job s, especially if those jobs are traditionally held by men. If you work in a male dominated field, consider asking your employer for a promotion. If this isn’t possible, look for a position that allows you to become more than someone who only does tasks related to your current responsibilities. Also consider looking for a job outside of your industry entirely and see if you can find a role where your talents would fit well. This way, even if you don’t get promoted, you will end up doing something that you enjoy.
Look Into Debt Consolidation Programs
Have you been carrying around debts for years without paying them off? That’s a bad habit. To help you break this pattern, you might want to start thinking about debt consolidation programs. These programs combine several different debts into one, which means you won’t have to worry about repaying each one individually. Instead, you will pay off the entire amount at once. When choosing a debt consolidation program, make sure you compare apples to apples. Different programs offer different terms and conditions, so make sure you choose one that gives you the best deal. Before signing anything, ask questions about what fees you will incur if you decide to cancel. Keep in mind that sometimes you will have to pay back some portion of the original amount owed, depending on your circumstances and the type of debt consolidation program you choose.
Use Debt Settlement Companies
Debt settlement can seem complicated, but it’s actually quite simple. Basically, debt settlement companies buy your credit card debt at a discounted price, which helps you pay down your balance faster and easier. Most companies charge a fee upfront for the service, which you pay after your account is settled. However, if you think you will never be able to fully pay off your debts, then you may want to consider going the debt settlement route.
Consider Taking Out A Personal Loan
Personal loans are loans taken out directly by individuals. They’re similar to home equity lines of credit (HELOC) except they are structured differently. Unlike HELOCs, personal loans are unsecured and cannot be used for house payments. There are several types of personal loans, including auto, mortgage, and student loans. Auto and mortgage loans are often referred to as consumer installment loans, whereas student loans are known as private educational loans. All types of loans require repayment plans ranging from six months to ten years. Repayment amounts vary based on the type of loan and the amount borrowed.
How to ReduceStudent Loan Payments (CLICK FOR FULL SIZE DOCUMENT)
A video aimed at helping students and parents make sense of massive financial obligation involved in college degrees.
Reduction In Student Loans
The president’s plan would reduce student loan debt for millions of Americans. But how?
Here’s what the White House says:
“We’ve heard people say, ‘Why should I go to college if I’m not going to make any money?’ And we’re here today to tell them they shouldn’t have to choose between their education and their finances.”
In his State Of Union address last month President Obama proposed $60 billion in federal spending to help students pay for school. That includes $20 billion over four years to expand the income-based repayment program.
If enacted, the proposal would affect about 8 million borrowers who now take out loans at low interest rates. Under the plan, some borrowers would start repaying just 10 percent of their monthly payments after 25 years, and others could begin paying nothing until 10 years later.
To be eligible for the lower rate, students would need to spend six years in public service — defined as work related to government or nonprofit organizations.
That means no private sector jobs.
Some critics call the plan a handout; others say it’s a good way to keep students from defaulting on their loans.
But many experts say that the policy doesn’t really do enough to help borrowers who are struggling, including those who are already delinquent on their payments.
“What the administration is doing is taking us back to the days of the old policy,” said David Bergeron, executive director of the National Association of Consumer Advocates.
Under current law, the amount owed varies depending on the borrower’s earnings once he graduates.
For example, someone making $30,000 per year would owe $10,000 upon graduation. If he makes $50,000, he’d owe $25,000.
Borrowers who haven’t started repaying their loans by the time they reach 30 years old are allowed to defer payments until age 35.
Student advocates say that’s a problem because many older borrowers don’t know about the option.
Reduction In Student Loans
Education Reform Act Of 2013 – Bill C-14
BillC14 EducationReformActOf2013 StudentLoanDebt
How many students will benefit? It’s not immediately clear because the legislation does not provide details on how much money the government hopes to save through these reforms, how the government plans to spend extra savings found through reforms, and whether those savings are intended for direct aid, making college tuition free, or both.
I am sharing what I have learnt about student loans in the US. Do let me know if you find my video helpful. Please feel free to leave any contribution / suggestion below! Don’t forget to share the information with others! Check out our website:- www.smallphdthoughts.com
Its called Small PhD Thoughts and it is full of random useful stuff currently playing on my iTunes 🙂
Reduction In Student Loans
A Better Way To College Education?
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Video video video! Why these things? Well, I’ve been around to some interesting places over the years. I spent countless hours watching everyone from college kids to old men to soldiers trying to make their way through the student loan mess. And then there were the family members we had never heard from before looking for money;… and th.. sorry, that’s not a part of the story.
But thanks to our friend Samirah who started making videos about her experience doing research for her article; her journey of being a college student studying journalism and getting nearly $10,000 in debt. As soon as she sat down they began talking — and Samirah saw that it wasn’t just students going through this problem people could easily get themselves into. So he called me to help him out since he didn’t have much saved. But here’s the thing– he wanted to actually start a movement about saving others while still enrolled in school working full time. He did everything he possibly could to pay off his loans because he wanted to live life with no regrets. But at 26-years-old, he realized that his struggle was something many students face today.
So, what did we do? Why, we set up this company 🙂 Because when it came to paying back our own student loans, we decided it would be awesome to pay it forward and try to save some other poor soul from falling into the same trap of taking on tons of debt they don’t really need. It makes sense, right?
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