Wednesday, April 10, 2013

Student Loans Need Interest Disclosure;Just like Credit Card Statement!

I have spent over 3 years now looking for answers to more than $1 trillion in student loan debt that
continues to grow larger everyday!

I go to bed with this $1 Trillion student loan debt that continues to grow everyday on my mind!
I wake up in the middle of the night writing notes to myself, and trying to get the American People

A simple disclosure on the student loan statement; just like the law that requires now on credit cards

Example $5000 balance

Minimum payment $90 will take 21 years  you would pay $8,693.26 (if you did not use card again!)
The monthly payment would drop but will take 21 years if minimum payment only is made!
 pay                     $158.75 will take 36 months you would pay $5,715.00
                                                                                      (savings= $2,978.26

The graduate could pay an extra $25 starting on their lowest loan and yes for those that are not aware
there are usually at least 4 to 5 different loans our graduates are paying each month.

Using the same type disclosure the graduate could pay these 10,15,20 year loans in 1/2 the time!
paying 1/2 the interest!

I ask you Today call +President Obama and your Congressmen and tell them we need this
disclosure on all student loan statements!

No exceptions Federal and Private Loans all are required to have disclosure.

This would be another way the employer could help pay this debt down.
The smallest of business could pay $25-$50-$100 towards  principle of an graduate loan.

We have to open our minds, come together with all ideas and possible solutions!

Not just stick our heads in the sand and hope this $Trillion Student Loan Debt goes away!

If  this crazy old man can come up with solutions just think what would happen if we all worked
together to solve this crisis

If your unable to leave your comment below you can email me at!

No comments:

Post a Comment

thank you for taking the time to share your thoughts!