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mariah contreras

on 27 September 2013

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Transcript of DEBT

What is Debt?
Debt is something, typically money, that is owed.
Student debt is a form of debt that is owed by an attending, withdrawn or graduated student to a lending institution.
Growing problem of student debt
Student loans
History of Debt
37 million student loan borrowers today.
Impact on young generations.
Occupy Student debt
Pay as You Earn program
Income-Based Repayment (IBR)
Less than half of the amount of graduates funded their education by taking out loans.
Student Debt was not as high because the cost to attend college was not as high.
The Pell Grant covered 55% of the cost of tuition, fees, room and board at a public university.
Only 32% is covered with the Pell Grant.
Over two-thirds of college students have to take out loans.
Student loan debt has more than doubled. The average amount college graduates owe on the day of their graduation is $17,500 in Federal Student Loans.
400,000 qualified students are unable to attend college each year because of the cost.
Interest rate goes down, you will not receive the new rate.

Interest can continue growing

Weighed interest weight will be rounded up to the nearest 1/8 of a percent.

Lose deferment options

Lose forgiveness options and interest subsidy on Perkins loans

Parent Loan included in a consolidation loan
20 Years Ago
The Present
As you can see, people who take out loans can easily remain in debt even decades after graduating. In these cases, they took more time than planned to pay everything back.
Between 2004 and 2009 only about 37% of federal student loan borrowers managed to pay back their loans by making timely payments and not becoming delinquent. (“Student Loan Debt Statistics”, 2013).
One Third of the amount of graduates regret not attempting to earn a scholarship or financial aid.
The Struggle of Repaying Loans

There will be a fixed interest rate.
Only one lender to send your payment too once a month.
Lower payment if you extend your repayment period.

Hold off repayment.
May still apply again for forbearance

Federal Family Education Loan Program
How will you get the money?
Scholarships, job, loans.

• Debt holds students back from
the big commencement of
graduating. It also affects
the economy

• When in debt it’s very hard to get
out of it even with
a professional job.
Debt makes people DOUBLE THINK about getting an education or even finishing there education .
Wikipedia contributors. (n.d.). Retrieved from http://en.wikipedia.org/wiki/Student_debt

United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions. (2007). Higher Education, Higher Cost and Higher Debt: Paying for College in the Future: Hearing of the Committee on Health, Education, Labor, and Pensions, U.S. Senate, One Hundred Tenth Congress, first session, February 16, 2007. Washington DC: Government Printing Office. (Y 4.L 11/4:S.HRG.110-151)

Student loan debt statistics. (2013). Retrieved from http://www.asa.org/policy/rescources/stats/default.aspx

Morgan, J. M. (2012, March 20). 5 Reasons Why Educational Debt Deserves Congressional Action | Center for American Progress. Retrieved March 20, 2012, from http://www.americanprogress.org/issues/labor/news/2012/03/20/11338/5-reasons-why-educational-debt-deserves-congressional-action/

fafsa requires you take online course that informs you about taking out loans and the price you pay after college
colleges have classes designed to help understand meaning of loans
colleges hire certain advisors to advise students on risks & benifts taking out student loans
some institutions have books that inform students about grants and loans
Kevin Bazar
Mariah Contreras
Jorge Escobar
Stacy Shearman
Alejandra Guerrero
Julieta Murga
Full transcript