It has been two years that
every month Mark Hodge makes a $1500 payment for his outstanding student debt
which has left him with another year of being unqualified for a home mortgage.
With every monthly payment
of $800, Glenda Camarillo makes for her student loan she believes that she
should have been saving it in her retirement account.
A vast majority of the
U.S. students rely heavily on the student debt and roughly there are 37 million
U.S. students who have taken more than $1 trillion student loans. This doesn’t
end here, as the cost of education is still increasing, the students taking the
debt believe that they will eventually climb out of it and start to build their
wealth but, unfortunately the repayment of this debt is a major issue in the
later life of the students.
This is increasing
disparity, which is widening the gap between the wealthy and everyone else. The
debtors are less likely to catch up with their wealthy fellows who began their
life free of the debt. Even if they are making the same amount of money after getting
the same masters or doctorate they are still making less and would accumulate
fewer assets in the long term as compared to their fellows because they don’t
have any debt to pay.
In the U.S. a typical loan
repayment schedule standard is 10 years and it has been observed that those
graduates who immediately start building their wealth through stocks, bonds or
housing see their investment grow more while the indebted ones have to keep
paying interest and principal for years.
Well, no other students
need to be another one of the 37 million victims of this student debt. The
students need to explore better financing options, they need to educate them
about the aids, scholarships and immediate value for money from their program
and they need to evolve with the online learning solutions at University of
Atlanta. Come explore, educate and evolve at the University Of Atlanta and help us defeat
student debt once and for all.
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