Student Loans

In the year 1973, there was a fundamental change in the student loan industry. That change was the founding of Sallie Mae. Under Sallie Mae, student loans became easier and easier from prospective university students to receive funding. This ease of funding caused an explosion in student loan debt. Between the years 2006 and 2016, student loan debt grew an incredible 170% from about $400 Billion to over $1.3 trillion.

How student loans effect you

There have been several studies that have shown that student loan debt affects your personal life, just like it affects your financial life. In the case of men, student loan debt shows little to no effect on marriage, but there is a correlation between increased student loan debt and unlikeliness from young women to get married.

Many

If the student loan forgiveness bill is passed, then the following would go into effect. The Secretary of Education would have 6 months to cancel all outstanding student loan debt that the federal government provides, insured, or guaranteed. This bill would also grant the Secretary of Education the authority to purchase the outstanding loans from private lenders. The program would get private lenders to sell to them by paying off all unpaid portions of the debt including principal, interest and any late charges.

How it will affect the average American

43 million Americans owe money to the federal government due to student loans. The total amount of federal student debt is $1.4 trillion. To those Americans with just federal student debt, their loans would all be forgiven. This will allow those

A growing number of people get student loans as they don’t have other means to pay for college fees. While no one can argue that getting a loan is a necessity for many people, it’s also unquestionable that student loan debt can put the future of many people at stake.

No one likes to be under the burden of debts, so people adopt different methods to get rid of them. Some try to find a shortcut and use illegal ways to pay their loans and or do shady business. While there are minor chances that they would be able to pay off their loans, there are huge chances they would fail and end up in jail.

You don’t need these methods to get rid of your student loan debt, as there