The Scary Truth About Student Loans
STUDENT LOANS are terrifying words in 45 million Americans’ daily lives. The cost of college tuition has increased steadily over the past decade. So have student loan debt. Even more frightening are the statistics. We have compiled the terrifying facts, but even we cannot sleep from the nightmares.
Some Facts about student loans
Average student loan debt total per person: $31,172
Graduates pay an average monthly $393 student loan payment.
The total student loan debt in America: is $1.52 trillion
It takes to repay student debt between 10 and 30 years.
There are 44.7 million student loan borrowers currently in the U.S., and 71% of graduates with loans leave college with student debt.
Student loans currently have a higher default rate than auto loans, credit cards, and mortgages.
The average tuition, fees, room and board cost to attend a four-year public university in 1971 was $8,730.
We all know that student loan debt is an essential fact. The United Aid Group can help you solve your student loan problems. You have rights and options, no matter how scary student loan debt may seem.
Recover your student loan
Financial freedom is possible by getting your student loans under control. You will need to manage your finances during this time in life.
Default on student loan debt could lead to a higher balance and a lower credit score. 40% of student loans are in default or delinquent after 90 days. You may be starting to notice the following signs if you are at risk of defaulting on your student loans:
Your monthly budget is so tight that you can’t afford to pay for one unexpected expense.
Although your interest rate has increased or your monthly payment has increased in recent months, you still struggle to make your payments.
It’s getting harder and harder to pay your monthly bills on time.
You have already missed one or more payments.
Your debt is causing anxiety and stress in other areas of your life.
Defaulting can have additional consequences, including a lower credit score, wage garnishment, and loss of Federal tax refund. However, borrowers in default have several options to get their loans back on track.
