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Preparing for the future by Student loan consolidation expert Bruce Mesnekoff<br>Much has been touted about the student loan crisis and the repercussions being faced by the government, colleges and students. Student loan debt has being seeing an increase each year for the past few decades and today it stands at a whopping $ 1.2 trillion . Recent studies show that more than two thirds of graduates had loans at graduations and that the average debt was about $35,000, an amount which has almost tripled in the last two decades.
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PreparingforthefuturebyStudentloanconsolidationexpertBruceMesnekoffPreparingforthefuturebyStudentloanconsolidationexpertBruceMesnekoff Much has been touted aboutthestudentloancrisisand therepercussions beingfaced bythegovernment,colleges andstudents.Studentloandebthasbeingseeinganincreaseeachyearforthepastfewdecadesandtodayitstandsatawhopping $1.2trillion.Recentstudiesshowthatmorethantwothirdsofgraduateshadloansatgraduationsandthattheaveragedebt wasabout$35,000, anamountwhich hasalmosttripledinthelasttwo decades. Thesituationisacauseforworryforeveryone.Muchoftheburdenofpayingforcollegehasshiftedfromstategovernmentto families,as thegovernmentgrants havefailed to keep up with theincreasingcosts of collegeeducation despitereceivingincometaxrevenuefromgraduates.Itisestimatedthataround16.7% ofcollegegraduatesaregraduatingwithexcessive debts. Whatismakingthesestudentstakeloans? Thereasonsaremany,but afewcanbeidentifiedoutright.Acollegedegreeis beingseen as an importantdocumentin thecompetitivejob market,atthesametimethereis notmuch appreciation in theAmericanwages.Indicatingthatthestudentsarefollowingpipe dreamsandgoinginforexpensiveeducationhopingthatitwillthrowopenthejobmarketsforthem,whichisfarmovedfromreality.Moreandmorestudentsareenrollingintofor-profitcollegeswhichprojectinflatedjobplacementstolurestudents.Itisnotnecessarythatafterthegraduationrepaymentsareeasy.Studentsarefacinghardshipstheretooconsideringtheglobalrecession.Itisdifficultforstudentstofindsuccessinthejobmarket andrepaytheirloans,indicatingthefailureofhighereducation institutes inbailingoutstudents.Defaultingstudentborrowersarefastincreasingasmanyatimes,theamountowedismorethanwhattheyborrowedastheyareaccumulatinginterestfasterthantheyarerepayingloans.Definitelyallthesestudiesandfiguresarepointingtowardsagenerationhurtlingtowardsa studentloancrisisandgettingcrushedunderit.
Apartfromeffecton statesandgovernmentssuchhugefigures aretakingtheirtollon thestudentslifetooandrestrainingthemfromgettingaheadonapersonalfront. Asizeableamountofstudentswhograduatedwithexcessive debtsputoffmajordecisionslikebuyingahome,goingthefamilywayorevenbuyingacarforalaterday.Therepaymentplaysonthestudent's mindallthroughtheyearsheisindebtedkeepinghimaway fromsmallthingsheenjoys,negativelyimpactingthequalityoflife. Thisalsocapsizestheirabilitytosaveforfutureneeds andretirementtoo.Thedebtalsoinfluencesthejobrelateddecisions,studentscompromisebypickingupjobsinfieldsotherthantheirareaofstudyorworkovertimeorsettleforjobswithlow remunerationascomparedto theirqualification. Payingoffsuchlargeloansarechallengingundernormalcircumstancesbutwiththenon-appreciationofwagesitisnexttoimpossible.Makingtheinterestpaymentaloneisabigstruggleleavingtherepaymentofloanaside.Handlingthehighrents,lowwagesandloanrepaymentleaveslittleorno scopeforsavings or mortgage.
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