Throughout the congressional session
that was held on July 24th, here are some of the facts that were used in
support of their new plan. One senator mentioned that some of the schools have
tuition costs upwards of £60K per year to attend, and that many of these
schools charging these high tuitions have extremely high drop-out/ failure
rates. He went on to say that these high costing schools increase the UK
education debt frivolously. Unfortunately the current UK education debt is at £1
trillion dollars, climbing by 113 billion dollars this year, and that this
figure is roughly about £53k per person in the UK. Now in these post-recession
times, the unemployment rate for young adults aged 20-24 are at 14%. This high
unemployment rate has an influence on people wanting to return back to school
since they cannot find enough jobs and the jobs that they can find have reduced
wages or in a not profitable career field. Some people even continue attending
school after they graduate due to the situation with our American economy.
Altogether this congressional session was about 3.5 hours long and gave many
grueling details about the effects of higher interest rates on the American
people and what influences this has on the education debt.
Having higher interest rates effects
the American population in many ways. It was well noted that having a larger
interest rate could cause debts to grow too large for future graduates to pay
off and cause them to default, as well as to have to pay off for the rest of
their lives, or even to take these bills with them to the grave. Some
grandparents end up taking out loans for their grandchildren to go to school
and when the children default the grandparents sometimes end up having to have
their social security checks garnished. People are having trouble living a life
that is fruitful when their loan payments are large and end up having to pay
them back for decades due to the high costs of the schools and coupled with
higher interest rates. President Obama is interested in seeing a system that
has the interest rate capped at the time the loan is awarded, and that loan
repayments shouldn't be more than 10% of a persons' income.
One thing that can help to coming up
with the cash to pay these loans as well as to make your payments on time is an
installment or payday loan from Lenders. You never know when an emergency or
something might come up that causes you to struggle to make your student loan
payments. A payday loan can help you out; trained and experienced customer
service reps are available to help you out. Cash fast and money direct
deposited into your bank account same day, usually within an hour. Getting a
Loan from lenders can help you maintain those payments when times are
difficult.
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