Wednesday, June 28, 2017

Only 1/3 of College Grads Paying Off Student Loans




Far too many college students are conned into believing they will be able to pay off their student loans with the paychecks they will earn after graduation. Statistics tell a far different story. About 30 million grads are never going to be free of student loan debt.

Nationwide about 38% of graduates are current with their payments. Their balances are decreasing over time. Eventually, they will be debt free. This may not happen until they are old and gray, but at least they have a chance.

However, 62% of those with student loans are unable to make a dent in the principal owed. About 46% are current with payments, but the interest charged means the balance is not decreasing. In many cases, although payments are being made, the balance owed is actually increasing.

Those in the most trouble are in default or delinquent. That’s 16% of those with college loans. Although they are not making payments, or doing so sporadically, interest still accrues. The balance owed increases and cannot be erased by bankruptcy.

There is only one way to avoid falling into this trap. Don’t take out college loans, ever, for any reason. Go to the least expensive accredited college that teaches the subject you wish to study and get a job. Better yet, do what Full Ride Scholarship winners do. Become the ideal scholarship or grant applicant and earn enough scholarship money so college loans are not necessary. Graduate debt free and enjoy life. 



For more information, you'll want my new book, Free College Awareness, coming soon from Griffin Publishing and Watering Seeds. How to avoid needing college loans; available soon to families of Pre-K through High School students.


You are reading from the blog: http://www.roadtofreecollege.com

Photo Credit: Pixabay




No comments:

Post a Comment