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College Loan Debt Affects Ecomony
Transcript of College Loan Debt Affects Ecomony
Education cost outpaced rise of average American's income
Total student debt has exceeded $1 trillion
Average student debt is $28,000
The job market slowed down over last 5 years
Becoming harder for students to get jobs, let alone pay their debts The Average Cost of College Typical tuition cost of a state public college is about $22,000 per year
Moderately priced private college tuition is about $43,000 per year
On an average, 4 years of college costs $120,000
Federal Reserve Bank of New York did a study and found that most 30 year-old's with student loans were less likely to have home mortgages than those who didn't Student Loan Rates Increasing Paying Back Loans To pay back student loans, many are working two jobs
Many stopped paying their loans
7-10 years to rebuild credit
The rate of defaults is increasing My Position Lower current student interest rate By: Simran Gidwani Relation to History Relates to how the United States is in debt
The students owe the banks just like the United States owes other countries The interest rate on federal student loans is set to double on July 1st
The house of representatives and senate are debating this issue
The student loan debt is putting a weight on the overall economy and slowing it down Interest rates should not increase My Position No increase in student interest rates
Refinance current loan rates