Who Here Would Love to Own This 2017 Mustang Ford Gt?

Who here would love to own this 2017 Mustang Ford GT? Show of hands. Okay now

how about this one. Who here would love to live in this elegant apartment located in the Upper Eastside of Manhattan. Okay, so that’s a good portion of you. Now I know what you’re thinking, how does this connect with student debt. Well the Mustang that I showed before costs 24 thousand dollars. The apartment costs 28 thousand dollars. But the average amount of money that a student from a public 4-year institution has to pay in student loans post-graduation is roughly 37,000 thousand dollars. Student Debt has evolved from a simple nagging monthly payment do a 1.3 trillion dollar crisis impacting more than 44 million borrowers in the U.S. alone according to Make Lemonade. However, if handled and managed correctly there a few solutions that the government and yourself can implement to contain this widespread crisis.

The first solution being more government oriented is passing a law that forces loan payments to be tied by your annual income and to have a certain percentage already taken out of your paycheck that would go directly towards your student loans. This would eliminate the current underlining problem which is making recent college grads start paying off their student loans without even being employed. Per the Washington Post, on average 4 out of 5 students graduate college without a job. This means that 4 out of 5 students are paying off loans with money they don’t have to spend probably taking more loans out to pay their initial student loans. The government could also regulate loan repayment periods and actually make them longer. Extending your loan term, will allow you to make lower monthly payments. So if you’re barley sliding by with your current salary and your student debt this will allow for some more breathing room. Actually a lower monthly payment actually comes hand in hand with career flexibility. Knowing that you won’t have an extremely high debt payment to make every month could cause you to pick the career you actually enjoy doing and want to peruse rather than picking a career that sets you up better financially.

This is what the government could do to help regulate student loans however there are a few steps that you, yourself can take to limit your debt. First being, becoming more educated. Better educating yourself about what your possible total debt number will look like after graduation, you’re your possible future loan payments could look like, and what your potential job salary will look like in the future are all steps you can do to help educate yourself and put yourself in the best position to fight student debt. By Figuring out what your total debt is going to be will allow you understand at least the bare minimum of what your initially job salary will look like because that is ultimately where your money will be coming from.