The student loan crisis is putting Americans in an eternal loop of struggle.
Instead of helping Americans live debt-free lives, it perpetuates a system of financial hardship for the profit of the big companies.
Now, more than ever, almost everyone has a student debt crisis story.
The Guardian has the full story.
(Did you know? One of the biggest reasons borrowers fall behind on their monthly payments is because they cannot afford the high monthly payments their servicers are requiring them to pay. But there are several ways to lower your student loan payment to make it more affordable. Here are 9 ways to lower a student loan payment. Click here to learn more and get the free guide.)
The Debt Trap | Student Loan Crisis of Young Americans
Among the 44 million Americans who have amassed our nation’s whopping $1.4tn in student loan debt, a call from Navient can produce shivers of dread.
Navient is the primary point of contact, or the “servicer”, for more student loans in the United States than any other company, handling 12 million borrowers and $300bn in debt. The company flourished as student loan debt exploded under the Obama administration, and its stock rose sharply after the election of Donald Trump.
[…]
Yet during a year-long investigation into who profits off of what has become the largest source of American consumer debt, Fusion TV untangled how Navient has positioned itself to dominate the lucrative student loan industry in the midst of this crisis, flexing its muscles in Washington and increasingly across the states. The story of Navient’s emerging power is also the story of how an industry built around the idea that education can break down inequities is reinforcing them.
Navient’s popularity as one of the biggest lenders in the country seems to match their reputation as also one of the country’s most notorious.
If these many customers are not happy, then something must be wrong.
To what extent is Navient complicit in the maintenance of the student loan crisis?
What hope is there for borrowers who rely on such services?
The Future of Education
There is no sugarcoating the truth: Navient is one of the most powerful student loan servicers.
They have control in almost every branch of student loan service.
However, there are still new and upcoming private student loans which you can turn to for student loan help.
Of course, finding new student loan lenders will not fix the problem.
The root of the problem is the inaccessibility of education in the country.
It is only when education is treated as a right rather than a commodity that is bought and profited from that the can system change.
Education for the Future
Despite the seemingly inescapable system of student loan debt, the future still looks promising.
As much as the student loan crisis cripples young Americans, it also opens up possibilities for change.
Acquiring education today means being pulled into this cycle of debt, but education also means hope.
Perhaps, with a hard-earned degree, you will land a good job that opens up doors for you to be a part of change.
After all, this is what college education is all about.
With your knowledge and training, you can be someone who has tremendous influence in shaping the world.
The price to pay may be too high right now, but with a little persistence and luck, your education today might just change the way the future generations gets theirs.
(Did you know? One of the biggest reasons borrowers fall behind on their monthly payments is because they cannot afford the high monthly payments their servicers are requiring them to pay. But there are several ways to lower your student loan payment to make it more affordable. Here are 9 ways to lower a student loan payment. Click here to learn more and get the free guide.)
Watch this video from TEDx Talks for more insight on the student loan crisis:
What are your thoughts on the student loan crisis? Let us know in the comments section below.
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