Recently, I stumble upon a website known as www.studentdebtcrisis.org and I read
few of the thousand sickening stories posted on the website, student ending up
with paying 63k with interest from 28k; paying almost close to 9% interest. As
I scroll through some more, my heart was sinking and my eyes were popping out.
In just few other clicks on Google, I again read few more mind-boggling stories
about kids coming out in public to sue parents for not paying their college
tuition bills. Most of the students were in a quicksand situation- some desire
to return their degrees, some experienced students were not getting any jobs
and some were simply signing up for two jobs just to pay out their student’s
debt. The outcome of all the stories were, kids were hoping if parents taught
them value of money and budgeting in their early days.
These stories are not common in the United States, according
to CNBC- the numbers are staggering: more than $1.2 trillion in outstanding
student loan debt, 40 million borrowers, an average balance of $29,000, (http://www.cnbc.com/2015/06/15/the-high-economic-and-social-costs-of-student-loan-debt.html)
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Shalini Shah
www.smartliving24x7.com
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