The Arduous Path To Get Student Loan For College
In primary and secondary education, parents could get some support from the government by putting their children to public schools, especially if the household budget is a little tight. However, once the kids are ready to step into college, financial woes become more serious than ever. Aside from the expenses for longer transportation trips and allowances, the average tuition fee for one semester in the United States would consume half of the household’s total income for six months.
Families have already faced the fact that tertiary education costs a fortune, that is why students are filing letters to get loan in order to pursue their college dream. Although, there is no guarantee that applying for student loan will get you somewhere. Even if you were granted a student loan, finding the money to pay for student loan debt is the next big issue to solve.
Based on the figures, students who graduated from college in 2017 obtained an average debt load of $39,400, which was six percent higher than the previous year. In total, college students in the United States owe money close to $1.5 trillion. This only shows how serious the problem for the students has become, thus forcing most, if not all of them, to getting part-time jobs that might hinder them from understanding the lessons in class.
Fortunately, there are federal student loans that are on income-driven repayment plans, which will allow the students to have their remaining balance forgiven if they haven’t repaid the loan in full after 20 to 25 years. There is also the Public Service Loan Forgiveness (PSLF) program that allows qualified borrowers who go into public service careers such as teaching, social work, or law enforcement to have their student debt cancelled after 10 years.
In Casopis InterFON, you will learn more about the pressing issues that plague the state of education in our country, as well as the possible solutions to make the experience of students in classrooms a lot better.