I am going to keep this very short today I want you to digest just a few facts
In just the start of 2013 January and February alone! The banks have declared $3 billion of student loan debt as noncollectable, according to Equifax's latest National Consumer Credit Trends Report.
This represents a 36 percent surge from the same period last year!
We now have thirty-five percent of people under 30 with student loans that are at least 90 days late on payments compared to 26 percent in 2008! reports from the Federal Reserve and Equifax.
It is also noted this number is likely higher because of deferments in a grace period!
FICO reported approximately 12 million Americans had two or more student loans in 2005
The figure has more than doubled to 26 million in 2012!
The average student loan debt in 2005 $17,233 this debt has increased 58 percent
to $27,253 in 2012
A comparison of all other debt categories combined only grew 4.3 percent!
Does anyone see a problem here?
I am going to leave you with 1 last fact
FinAid has reported there is an 8% Increase a year in college tuition . I ask you to pull out your
calculator's this means tuition is doubling every nine years!
The Facts don't lie............................
I have only 1 agenda, and that is every child should be afforded the opportunity
To live........................... the American Dream
I have watched the student loan debt grow from $850 Billion in 2011 to now in 2020 has exceeded $1.7 Trillion Dollars and is now growing at over $2700 a second! Solutions start with reinstatement of Student Loan Bankruptcy ! "Trickle from the Middle Up and Down Theory" A Project of Small Business and Graduates working together to reduce student loan debt! Also Create College Based Non-Profit lender The Goal 1%-3% fixed interest rate loans. YES! there are solutions to this staggering debt!
Monday, July 15, 2013
Is the Student Loan Debt Bubble Real? You Decide!
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