레이블이 Student Credit Card Debt Statistics인 게시물을 표시합니다. 모든 게시물 표시
레이블이 Student Credit Card Debt Statistics인 게시물을 표시합니다. 모든 게시물 표시

2013년 12월 3일 화요일

About 'average student credit card debt'|...after new college students: kids who...suicide to escape debt, and one about...s experience with credit card bills... for average citizens...







About 'average student credit card debt'|...after new college students: kids who...suicide to escape debt, and one about...s experience with credit card bills... for average citizens...








               Remember               that               movie               with               the               guys               in               Vegas?

Well               this               story               is               worse.

I               remember               when               I               first               began               looking               at               prospective               colleges               when               I               was               just               a               junior               in               high               school.

The               main               thing               I               dreaded               over               was               how               my               family               and               I               would               afford               to               pay               for               college               outside               of               scholarships               and               grant               money.

The               answer               was               student               loans.

I               was               so               excited               when               I               chose               the               university               I               would               attend               and               that               my               financial               aid               application               was               accepted.

In               my               mind,               like               countless               others,               I               rationalized               my               thinking               on               my               future               student               loan               debt               by               telling               myself               everyone               does               it               and               I'll               only               borrow               what               I               need.

The               promise               of               a               great               education,               secure               financial               future,               and               a               once               in               a               lifetime               opportunity               to               go               away               to               college               with               the               help               of               student               loans               can               be               a               recipe               for               financial               disaster.

Unsuspecting               students               and               society               as               a               whole               face               consequences               when               we               are               not               careful               and               diligent               when               it               comes               to               investing               in               our               future.
               The               total               outstanding               student               loan               debt               now               exceeds               over               $1               trillion               and               Americans               as               a               whole               now               owe               more               in               student               loans               than               credit               card               debt.

At               the               time               I               signed               my               loan               documents               to               help               pay               for               school,               I               remember               thinking               that               I               was               making               an               investment               in               my               future               and               that               it               was               for               the               greater               good               long               term.

I               was               convinced               that               this               debt               would               be               'good'               debt               for               me               b/c               once               I               started               paying               for               them               I'd               be               building               my               credit               and               I               could               always               consolidate               all               the               loans               into               one               low               monthly               payment.

One               time               in               college               when               it               was               time               to               sign               the               documents               to               receive               another               student               loan,               the               lady               in               the               financial               aid               office               told               me               I               could               get               as               much               as               I               needed.

To               this               day               I               can               still               recall               an               overwhelming               desire               to               take               out               a               lot               more               than               I               needed               to               have               some               fun               with               extra               money               even               though               it               would               all               have               to               be               paid               back.

After               coming               off               of               my               temporary               high,               I               began               to               think               that               this               'free               money'               should               not               be               this               easy               to               get               for               a               college               student.

It               was               as               if               I               were               being               given               the               key               to               a               bank               vault.

I've               personally               known               people               who               knowingly               took               out               a               lot               more               student               loans               than               they               needed               simply               because               they               could               not               because               they               needed               it.

Students               today               take               out               student               loans               for               a               lot               more               reasons               other               than               paying               for               school               because               it's               readily               available.

Rent,               clothes,               spending               money,               etc               are               just               some               of               those               reasons.
               Now               that               I               look               back               on               everything,               Americans               got               drunk               on               student               loans.

The               availability,               deregulated               interest               rates,               and               overall               need               has               convinced               almost               everyone               who               really               wants               to               go               to               college               that               student               loans               are               the               best               way               to               go               to               finance               higher               education.

Society               has               brainwashed               students               into               thinking               that               higher               education               is               the               best               way               to               secure               their               future.

With               the               average               student               backed               into               a               financial               wall,               they               turn               to               student               loans               to               bridge               the               gap.
               According               to               The               Atlantic               http://www.theatlantic.com/business/archive/2011/08/chart-of-the-day-student-loans-have-grown-511-since-1999/243821/,               student               loan               debt               has               risen               511               %               since               1999.

There               are               2               main               reasons               that               have               caused               student               loan               debt               to               skyrocket:               1.

the               continual               rising               cost               of               college               tuition               and               2.

over               inflation               of               other               college               expenses.

It's               no               secret               that               the               cost               to               attend               college               has               increased               significantly               over               the               last               2               decades               while               Americans'               income               has               failed               to               keep               pace.

Each               year               it               seems               the               public               and               private               schools               raise               their               tuition               and               fees.

College               expenses               (books,               housing,               meal               plans,               admin.

fees               etc)               are               also               over               inflated.

This               over               inflation               is               due               to               the               availability               of               student               loans.

As               long               as               they               are               available,               these               expenses               will               continue               to               rise               b/c               they               know               students               will               get               the               money               to               pay               for               them.

The               only               way               I               see               the               problem               can               be               fixed               is               for               colleges               and               universities               to               cap               their               costs               of               tuition               and               fees               as               well               as               for               the               government               and/or               financial               lending               institutions               to               either               cut               the               APR               on               student               loans               in               half               or               charge               no               interest               at               all               for               a               specific               time               period               of               the               loan.

There               have               been               rumblings               that               student               loan               forgiveness               should               be               put               into               law               but               that               will               only               make               things               worse.

Our               society               would               end               up               being               well               educated               but               even               more               financially               illiterate               and               irresponsible.
               Americans               in               this               country               got               drunk               on               student               loans.

Using               them               to               pay               for               any               and               all               other               expenses               other               than               education               made               it               seem               like               the               right               thing               to               do               at               the               time.

Now               that               the               hangover               has               set               in               (down               economy,               lack               of               jobs,               deferment,               creditor               calls,               late               fees,               etc.)               it               is               a               harsh               reality               for               many               Americans               and               it's               starting               to               take               its               toll.

While               student               loans               can               be               considered               the               new               21st               Century               gold               rush,               Americans               got               lazy               and               felt               like               they               didn't               need               to               work               or               find               alternative               methods               to               help               pay               for               their               education               b/c               they               could               always               obtain               a               student               loan.

Now               that               the               'high'               is               over,               it's               time               that               Americans               face               the               facts               about               the               importance               of               having               financial               literacy,               being               more               entrepreneurial               minded,               and               work               on               saving               more               as               a               culture               and               society.






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