The student loan people today face more challenges overcoming their student loan debt.
Efforts and projections made during the time of past borrowers seem to be going the opposite direction.
With constant changes affecting student loans, it is difficult to tell what might happen next.
USA Today has the entire story.
Student Loan Borrowers Owe More, Need Longer to Repay
Many student loan borrowers face even tougher financial challenges than their counterparts a few years ago, a new federal report says.
Nearly half of the borrowers who leave school owe at least $20,000, nearly double the amount owed by similar borrowers a decade ago, according to the analysis issued Wednesday by the Consumer Financial Protection Bureau.
(PRO TIP: Need a bird’s eye view of all the options available for student loan repayment? Download the 8-Plan Cheat Sheet to Student Loan Repayment for free. Click here to learn more and grab your free copy.)
This fresh new take on the situation of the student loan people poses new and interesting questions.
For instance, how could the increase of student loan debt double in just a decade?
Moreover, what possible circumstances could the student loan people today be facing that the past student loan people did not?
USA Today also notes that the student loan people today are older than past borrowers.
How could a generation which has had more time to work and earn be in more debt?
Perhaps there is more to it than just the relationship between student loans and the student loan people’s jobs.
When It Takes More than a Job
I’m severely burdened in student loan debt. I will have to work until I die and it still won’t be paid off. https://t.co/J5IOpM2q4X
— ❄Jenologist🚴 (@jenology101) July 25, 2017
The news mentions that part of the ways the issue of bigger debt is being addressed is including repayment benefits in employment.
While not true for all employers, most companies have started tweaking their employment terms to cater to the needs of the student loan people.
In addition, Consumer Financial Protection Bureau also gave recommendations for more innovative repayment programs.
With so much effort placed in jobs, but so little change in student loan debt, could it be that the jobs are not enough?
The path from securing loans, acquiring college education, and landing a successful job is what drives the entire process.
Today, this no longer seems to be the case.
As data has proven, jobs and their repayment programs are not enough.
Where to go now?
The current situation of the student loan people points us to the federal and private forms of financial assistance.
These are the financial student aid that falls outside the category of jobs.
Borrowers today, more than ever, have to demand for a better system of federal student loan aid and even private student loan assistance.
It only makes sense that if the cost of education is rising, the quality of help borrowers are getting should be improving dramatically too.
Towards a Debt-Free Life
The idea of improved student loan financial aids is not new.
The present administration has constantly been tinkering with student loan programs.
It is difficult not to divert our attention to this matter.
Programs such as the student loan forgiveness for federal loans are a huge help for borrowers.
Even borrower benefits such as deferment and forbearance from private student loan servicers significantly alter the financial situation of the student loan people.
Employment, federal aid, and private assistance should all work together to ensure that borrowers who spent years acquiring college education get a chance at living the debt-free life they deserve.
(PRO TIP: Need a bird’s eye view of all the options available for student loan repayment? Download the 8-Plan Cheat Sheet to Student Loan Repayment for free. Click here to learn more and grab your free copy.)
Watch this video from KMBC 9 News Kansas City for more perspective on the student loan people:
What are your thoughts on the latest developments surrounding student loan debt? Let us know in the comments below.
Up Next: Public Service Loan Forgiveness Program
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