Can You Have More Than 1 Per So.Pn Amazon Prime.Music Help Cut 15 Billion Dollars In New Student Loans Every Year – One Student At A Time

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Help Cut 15 Billion Dollars In New Student Loans Every Year – One Student At A Time

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Each year, more than 3 million freshmen enter college in the United States alone. According to a recent study by the U.S. Department of Education, the average student graduates in just four years and he has more than $20,000 in student loans. This equates to over $5,000 per student per year. There is more than $15 billion in new student loan debt each year. Its phenomenal.

CNBC recently ran a telltale story titled “The Cost of Admission – America’s College Debt Crisis” addressing the issue as the next possible financial crisis for American students and their families. They showed multiple students who recently graduated with over $50,000 in student loans and a couple with a staggering $250,000 in student loan debt. Bankruptcy and default rates will surely skyrocket if we continue to allow seed loans to pile up.

Part 1 of the solution

Parents and students should sit down and actually look at those loan numbers and project the total for four or five years of college before finalizing which college to attend. Then put a simple amortization schedule on her 10- or 15-year total balance to show the student what they should expect in their monthly payments. I think this could have a positive impact on their final decision.

High school guidance counselors and college admissions officers also need to take a more pragmatic approach to advising students on their options. Attending a private college for $40,000 a year is great if it offers a good financial aid package, but it’s cheaper if your family will be shouldering $10,000 to $15,000 in loans each year. should propose an alternative.

I doubt the admissions staff at the university would do this as it would negatively impact admissions. However, high school counselors should meet with parents and students to ask if they can accommodate these higher priced schools or if they should focus on state or community colleges. I believe that students and parents are so caught up in the prestige of being accepted and attending private schools that they overlook, postpone, or simply ignore the economic realities of the future.

Part 2 of the solution

If Part 1 above does not provide a satisfactory solution, we take proactive steps to help students and their parents get the most out of their financial assistance. This includes learning what you can do to protect your assets and income from your college’s Financial Assistance Form and reducing your Expected Family Contribution (EFC). There are many options here, including life insurance, annuities, retirement plans, small businesses, and a variety of other resources, but families need to know what they are and what best suits their individual needs. there is.

Students should develop a long-term scholarship search and application strategy to help with scholarships of $500 or $1,000 per year to further reduce student loans. Resident Assistant Positions, Campus Jobs opportunities, graduate assistant positions can all help reduce debt.

Parents also need to spearhead efforts to help students find ways to reduce college costs and expenses. From textbooks and meal plans to off-campus housing and discounted recreation, you can save money each semester.

I myself, along with my five children, have learned a lot from them and seen first hand how a little foresight and hard work can significantly reduce those college loans. If every student could only reduce her student loan debt by $5,000 during her four years of college, that would reduce her student loans by $15 billion each year after graduation. I know it is unrealistic to expect all students and families to cooperate, but it is possible.

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So if you know a family with kids in high school, please share this article and encourage them to take positive steps in the right direction. It can save you thousands and even tens of thousands of dollars from high costs.

I also wrote a book to help others learn from my successes (and mistakes) and point them in the right direction before the loans pile up.family can also download Free College Cost Savings Kit Click here or visit my website listed below. Please help me to help others and help America’s future leaders.

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