Student loan debt has officially become an epidemic in the United States. It is now almost 2019 and the debt loads are crippling the finances of Americans.
Student loans are also one of the greatest financial stressors in a recent graduates life. Completing school and having to start paying off debt is a huge burden. Americans are now repaying $1.5 trillion in student debt.
A survey done by Student Debt Crisis found the following results:
- 80% of participants, with average debt loads of $87,500, state they are unable to save for retirement due to their student debt
- 59% said they couldn’t make large purchases because of their loan bills and 56% said they couldn’t buy a home
- 65% said their monthly student-loan bills were bigger than their food budget
- 56% said they’re monthly loan bills were more than health insurance
This debt is crippling this generation as it’s preventing recent graduates and young professionals from doing things other generations were able to do at this age.
For instance, past generations were able to purchase houses and cars much earlier than this generation is able to. One of the main reasons for this, among others, is the student loan debt crisis which shows no signs of stopping.
As we enter 2019, it’s becoming increasingly clear that the affects of student loans on the economy will be felt at many levels.
A Texas women from the survey said, “Regularly, I contemplate selling everything and living in my car to help free up money to pay off the debt sooner.”
Currently, 44 million American’s are repaying $1.5 trillion in student debt. This number has tripled since 2005.
Many have called the student loan industry a “failed social experiment.” It is becoming more clear now than ever before that the consequences of this so-called “experiment” will be felt for generations to come.
Kaplan University was under a lot of fire for their predatory lending practices when the school was still in operations. That is why programs like Kaplan University loan forgiveness were instated. They are the best option for those still dealing with student loans from the school.
Another survey respondent explained the affects of his student loans, “This debt has been a huge burden and point of contention throughout our last 10 years,” Sean, a married Maine resident, told the researchers. “I think my wife and I will both weep the day we are debt free.”
So what’s to come in 2019 for the student loan industry and those with student debt? Updated student loan forgiveness programs that help lower monthly payments to the lender and get as much of the debt forgiven as possible.
If you previously attended Kaplan University contact us for more information on Kaplan loan forgiveness. The program is only available for those who are not currently enrolled at another institution and have no plans of returning to school or taking out more student loans. If this sounds like you hurry in while spots are still available and the program is still available!