American college students loans for the first time the fees owed by the U.S. credit card holders owed more than credit card debt. Experts urge the parties concerned need to expand investment in higher education as a priority project, and immediately the current maximum grant at least double, so students have more debt in the future when their children have to face two generations of college person s student loan debt burden.
June July this year between the United States appeared more than the total student loan debt credit card debt, and this is the first time in history. Mark, according to experts on student loans. Kantor Luo Weici the figures, the U.S. student loan debt to be repaid has now reached 8,500 billion U.S. dollars, while in July the U.S. credit card debt of about 8,280 billion dollars total.
The economic downturn over the past few years, the average American family income level, while at the same time, tuition has increased at a rapid pace, some students get a diploma long ago stretched financially, which led to increasingly The more families and students need to borrow money to pay for college through part of the expenses required. Kantor Luo Weici said, only in the past 4 years, the total amount of student loan debt has increased by 3,000 billion dollars.
Why the surge in student loans over the past few years, the college expenses grew faster than the growth rate of grant, which is a main reason: student loan debt in the last 4 years increased by 3,000 billion, mainly due to the need for grants based on the cost of college does not keep up with the growth rate.
This fall, the maximum amount of a grant of 5,550 dollars, not increase next year, so not enough to fill the ever increasing university tuition fees and other expenses.
The recession has forced many unemployed to return to college course charge to improve their employability and competitiveness. These re enter the University recycled in some of the unemployed have to rely on borrowing to pay tuition and other expenses.
Detroit Free Press, a columnist wrote that the past 20 years, the U.S. average rate of increase university tuition fees much higher than the inflation rate. The columnist quoted an online student forum administrator as saying, Now the students due to student loan debt than ever suffer a lot.
Kantor Luo Weici student loan experts worry that if according to the current student loan rate continues, the next few years will become a major problem in American society.
If student loans continue to increase the current rate, we will see more and more students to get an education and excessive borrowing, which usually means debtors need 20 or 25 or even 30 years to pay off, which also means that these students also need to rely on their children to college loans to repay when they still owe the loan earlier.
His parents, also carrying a debt does not have much natural ability to help children pay tuition. According to one U.S. survey of student grants on higher education, today s students in average debt after graduation over twenty three thousand U.S. dollars.
Kantor Luo Weici appeal concerned the issue seriously, to take immediate action. He said: We need to set up in secondary education a priority over the work done by expanding investment in this area. I think we need to immediately double the maximum amount of grant.
U.S. federal government and some banks have a special school for university students or high school graduates set up of bank lending. These are low interest loans are generally long term loans, some student loans can have a graduate or get a job after the amortization of fixed income, so student loans are usually for people to borrow money to pay tuition fees of choice.
On the other hand, student loan debt can not be like that once the debtor s credit card debt, bankruptcy can recover from. U.S. law, student loan debtors must repay the loans in full, if not paid in the repayment period shall be from the debtor s social security payments deducted also.
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