HELP WITH MASSIVE STUDENT LOAN DEBT CRISES-STUDENT LOANS TO BE FORGIVEN
By now you have probably heard of the massive student loan debt crisis in America. But there is good student loan news also. Many student loans to be forgiven are listed on the web. Know what to do with your student loans in default, for that can be crippling.
Student loans aspire to create a better life for students, but for many that has been the opposite. Many large corporations are making huge profits off the backs of young students, and students who don’t understand the process get caught in a trap.
The best student loans to avoid the student loan debt crises are private loans. Private loans come with lots of hidden costs. Government loans come with many benefits that make payments easier.
The best time to learn about the student loan debt crisis is before you, a friend or a relative goes to college. Understand all the colleges’ hidden costs to avoid over-priced colleges and huge student loans.
When you know all the facts you will understand how student loans aspire to create a better life for you.
FINALLY GREAT STUDENT LOANS NEWS
Here is the student loans news students are waiting for who went to predatory colleges and were lied to.
President Biden has offered loan forgiveness to a particular set of schools and colleges. This was a campaign promise of President Biden, which he has kept.
There is a list of student loans to be forgiven by colleges, and a procedure for application. The process is given at studentaid.gov. Fill out the application carefully and honestly. It is against the law to lie on a federal application, so don’t make mistakes.
Student loan debt crises have created 1.6 trillion dollars in national debt. The statistics are claiming low average debt of $30,000 to $50,000, but with that trillion-dollar debt, it is hard to believe those averages.
STUDENT LOANS ASPIRE TO IMPROVE LIVES
Student loans aspire to make lives better, with higher paying jobs and good cars and homes. The problem is that student loans have ballooned out of control over the years.
Unfortunately, the dream of post-high school education has become a nightmare for far too many innocent and underinformed students.
The industry has gone from low-debt, low-cost student loans to high-balance loans for greedy corporate and government lenders. There are private lenders and government lenders, all insured by the federal government.
Student loans aspire to take students from middle income to high income, or low income to upper income. At the very least getting student loans and going to college, students are taught they can maintain a livable income. But, some students are not able to make an entry-level income that pays the minimum monthly loan balance.
STUDENT LOANS TO BE FORGIVEN
Look at this list carefully to see if your college or school will be forgiven by the federal government is included in the student loans to be forgiven for each school.
THE STUDENT LOAN DEBT CRISIS
The student loan debt crises are not only affecting students but also for their parents. Because of large student loans, the student loans debt crisis has caused some students to put their life on hold.
This is bad, but what’s worse is that many under-informed parents are getting into a huge debt
trap with parent loans. Some parents are realizing they bit off way more than they can handle with their kid’s student loan debt.
Other students and parents had no idea that going to a particular school would cause such debt. Don’t ask the school how much it costs, get the facts from the website, dig deep, and get all the written costs.
Many are complaining that they did not get honest information when they signed up for the loans. Now, they struggle to make payments or go into default themselves.
STUDENT LOANS EXTENSION FOR HARDSHIP
Students who get a student loans extension or place their student loans on deferral are getting a nasty surprise in the mix. They find that after a time their loan balance will double or triple due to interest payments accumulating.
How does that happen? This happens when you don’t do your homework.
The problem with a student loans extension is that the interest is not forgiven while the student loans are extended. So, what happens is the interest will accumulate while your loan is in extension or deferral. The shock comes at the end usually, but sometime before.
The solution to the student loans extension is to do all you can to pay the interest while the loan is in extension or deferral. Paying the interest, even if that means a second or third job is difficult but crucial.
STUDENT LOANS IN DEFAULT CAN BE CRIPPLING
Student loans in default can be crippling to your finances. Do all you can to avoid student loans. If you can’t avoid them, keep them low or within reason. The total loans you get should be less than your first year’s salary. And make sure you know what happens if you delay, defer, or extend them.
If you’re your loans go into default, do all you can to get out as quickly as possible.
See if you qualify for loan forgiveness first. Then if not, try to catch up on the loan balance you are behind in.
Here are some things you can do to catch up: 1. Use GoFundMe to raise money. That takes skill so if it doesn’t work, 2. Get a second job or two. 3. Some graduates have relatives who don’t mind helping, go to them. 4. If that doesn’t work put the back payment on a credit card. Pay off the credit card in a timely manner.
When student loans get behind all sorts of predatory things happen. Your checks get garnished, you can’t get federal jobs, your credit is ruined, and the balance balloons out of control.
You can proceed with regular payments when your student loans back balance is paid up.
When student loans are no longer in default, ask the student loan servicer to remove the bad credit from your credit report.
SUMMARY OF STUDENT LOANS DEBT CRISIS
Going to college student loans aspire to give you an education and increase your ability to raise your income level from your parents. But the student loan debt crisis have left college graduates with a difficult life full of stress and anxiety at the beginning of the month when the payment is due.
When student loans in default reach monumental balances life for graduates becomes very difficult. But there are options, even if you are in default. The issue is you must act as soon as your anxiety wanes.
When a student loans extension is given to a graduate, you may accumulate a much bigger balance than your original loan. Along with that extension comes an increase in the balance of the loan, since interest continues to accrue in your extension or deferral.
The great student loan news some college graduates will be happy about is the student loans to be forgiven by President Biden’s order. The list of schools and colleges are listed above. You must apply for the student loan debt forgiveness if you qualify.
Please share this information with everyone you know. I usually get contacted by graduates asking me how they can pay off their student loans. And, they also tell me,”I wish I knew all of this before I got loans for college”.