What will it take to solve the student loan crisis?
Updated on November 26, 2019
Student debt in the United States is skyrocketing each year as more and more graduates fail to adhere to their federal repayment plans. The latest statistics of 2019 showcase more than 44 million borrowers with an accumulative debt of $1.5 trillion.
This crisis is caused by the lack of information, support, and education from the government to high schoolers about future college costs. The government spends a lot of resources educating teens about the dangers of drug abuse and yet somehow forgets to give clear warnings on student loan debt.
Most university students take out federal loans each year because they are easily accessible without understanding what it means to have a loan. Years later, post-graduation, these borrowers are faced with a financial crisis, bad credit, and unstable income.
How you can help solve the crisis
The government and future graduates cannot afford to ignore a problem that can affect the health of future generations. Staying up-to-date with what’s happening in the nation helps you identify how to address the situation.
Here are some ways you can help solve the student loan debt crisis.
1. Get involved
If you are planning to join college soon, it is vital to identify how much you can afford to borrow. This way, post-graduation, you can comfortably pay off your loans without straining your finances. Generating conversations about the student loan crisis can help other students get involved and understand the pros and cons of having a student loan debt.
2. Contribute to scholarships
This solution can be facilitated by the government or any other advocacy institutions that want to invest in quality education in the US. Instead of students solely relying on federal loans to finish college, they can receive grants and scholarships from charity institutions to support their academics.
More scholarship aid in the country means less reliance on student loans, thus less debt. As a country, we can work together to solve the student loan crisis that is making graduates toil for years to pay off debt.
At StudentLoanify, we can help you identify suitable student loan options and student repayment plans. Contact us today to receive quality advice on student loans.