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.