Not only to current college students have to deal with finding a job in the crashed economy but also, student bear the burden of paying of student debt.
The Seattle Times recently featured a piece revealing the financial stress among students and lenders in these tough economic times. According to the article, while a large number of student loan lenders have completely stopped handing out loans, the firms that continue to distribute loans have become highly selective in picking students, according to Sally Mae, one of the nations largest student loan lender. Even the federally backed loans are becoming harder to get in this economy.
Both student's and the jobs of lenders are feeling the pressure in this economy, hopefully a new bailout plan will promote lenders enough to once again support students in pursing their education.
If you too are feeling the burden of paying off student loans visit this website which features helpful tips.
Showing posts with label student debt. Show all posts
Showing posts with label student debt. Show all posts
Thursday, February 19, 2009
In Student Loan Debt? Write a Couple Best Selling Books
Mary is currently a junior at Santa Clara University and majoring in Religious Studies. When asked about student debt she quickly responds with an, "Oh yeah."
When pressed about how much she actually was in debt and how much she expected to be in debt at graduation, she suggests that it is definitely a moderate amount but wasn't up for revealing just how much.
She also feels that the United States could do more for students that seek to further their education. She remembers how President-Elect Obama said that helping out through community service could land you up to $4,000 towards an education. Now that he is President, Mary hopes Obama will make good on his promise and sooner rather than later seeing as she has only a year and a half left until graduation.
In 2008, Michelle Obama told the Associated Press that Barack Obama's book sales paid both of their student loans.
Luckily for students, the Obamas say, "We are not so far away from life that we don't understand and get it."
The payments on President Obama's student loan debt were more than their monthly mortgage.
Unfortunately for Mary and other students, writing two best selling books to pay off their debt isn't the easiest thing to do.
But!
There might still be some hope, the recent stimulus plan includes billions for colleges and students.
When pressed about how much she actually was in debt and how much she expected to be in debt at graduation, she suggests that it is definitely a moderate amount but wasn't up for revealing just how much.
She also feels that the United States could do more for students that seek to further their education. She remembers how President-Elect Obama said that helping out through community service could land you up to $4,000 towards an education. Now that he is President, Mary hopes Obama will make good on his promise and sooner rather than later seeing as she has only a year and a half left until graduation.
In 2008, Michelle Obama told the Associated Press that Barack Obama's book sales paid both of their student loans.
Luckily for students, the Obamas say, "We are not so far away from life that we don't understand and get it."
The payments on President Obama's student loan debt were more than their monthly mortgage.
Unfortunately for Mary and other students, writing two best selling books to pay off their debt isn't the easiest thing to do.
But!
There might still be some hope, the recent stimulus plan includes billions for colleges and students.
My Deepest Thoughts on Debt
To be honest, debt scares me. I am very fortunate to be in a situation where my parents are paying for my college education, but I plan to go to some form of graduate school. I am thinking about applying to Santa Clara's law school. With higher education comes higher levels of debt. And with the economy the way it is, I am honestly nervous that I am going to be paying six figures until I am six feet under!
I think about the high amount of debt that I am destined to have to pay, and then I also realize that I will need to buy a car sometime, pay rent, buy food, support a social life so I don't go crazy, etc, all while paying off student loans. But, it is a part of life I suppose.
It is very helpful to remind myself of a few things though. Although I will have to pay back a large amount of money, taking out these loans guarantees opportunities that will open many doors for me in the future. I will learn many new things, meet new people, go new places, and have new, crazy thoughts. The loans may be a lot of money, but missing out on these opportunities would be a tragedy.
I think about the high amount of debt that I am destined to have to pay, and then I also realize that I will need to buy a car sometime, pay rent, buy food, support a social life so I don't go crazy, etc, all while paying off student loans. But, it is a part of life I suppose.
It is very helpful to remind myself of a few things though. Although I will have to pay back a large amount of money, taking out these loans guarantees opportunities that will open many doors for me in the future. I will learn many new things, meet new people, go new places, and have new, crazy thoughts. The loans may be a lot of money, but missing out on these opportunities would be a tragedy.
Profiles in Debt
Name: Kevin Rowe
Major: Computer Engineering
Year: 2011
Hometown: Sacramento, CA
Estimated Debt at Graduation: $15,000
Deep Thoughts on Debt: " Due to my debt that I will leave school with, I feel like I am going to be emotionally stressed because I will be worried about my future. I feel like I need to work harder now so that I can get a good job and put these years behind me and enjoy my professional life. I just feel bad for the family I will have if I still have this debt after I graduate."
Profiles in Debt
Major: Finance
Year: 2011
Debt: $0
Deep Thoughts on Debt: "My parents luckily pay for my tuition. I spent $600 yesterday and I only had $600 in the bank. So right now I am at $0. I hope to get a paycheck soon. But you got to spend the money."
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