Student Debt: 42% Live “Paycheck to Paycheck”
From the Miami Herald the U.S. Department of Education of education reports that college debtors:
- 34 percent have sold possessions to make ends meet.
- 42 percent live “paycheck to paycheck”
- 39 percent say they will take more then 10 years to pay it all off.
- 27 percent put off medical or dental procedures.
- 48 percent suffer from anxiety and sleeplessness.
- 43 percent put off grad school.
- 47 percent say their families should have done more to save for college.
Bill to Limit Student Credit Cards
Sen. John Nutting, D-Leeds, has heard many times. To prevent such problems in the future, Nutting has introduced a bill that would require anyone younger than 21 to get permission from a parent or guardian to get a credit card. Without their parents’ knowledge, students sign up for credit cards through the many offers made at colleges, Nutting said. Unschooled in financial matters, the students can quickly rack up sizable debts.
Read more about bill to limit college credit cards
Organization Fighting for Justice for Students
There is an organization that is fighting hard to deal with the backwards laws regarding student loans. Today on a radio program I heard there founder speak and learned that debt collection laws do NOT apply to student loans. Learn more about their organization StudentLoanJustice.org
Student Debt – A Life Sentence
CNNMoney.com reports on how the large amount of debt students are now graduating is diverting careers,marriage and buying a home. Read more
“Instant Approval” when Students Do Not Meet the Credit Critical
Everyone knows that smoking is cool. Oh, especially when actors do it on TV. It just looks so sexy, so sophisticated—it’s hard to imagine these suave characters hacking up blood as their lungs cave in.
Sure enough, though, long-term smoking kills. And the best way to get addicted is by starting young. Read more
Increase in Credit Card Offerings to Students
There’s something special about getting mail, tearing open the envelope and pulling out the letter—you just can’t help but get excited.
Credit card companies can’t help it either. They send out letters all the time. Every six weeks, in fact, the average college student gets five credit card offers in the mail. Read more
College Students & Credit
If you are college student, there’s a good chance you are in debt with a credit card. Don’t worry, though: by the time you graduate, it will be worse. In fact, the longer you stay in college, the better the chances of digging your financial hole deeper. Read more
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Recently Written
- Changes to Private Student Loans & Bankruptcy Law
- Student Debt Increasing Record Rates Due to Recession
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- Student Loan Industry Bailout – $112 Billion
- Obama’s Student Loan Overhaul in Trouble
- Denied Professional License due to Student Debt
- Spike in Defaults on Student Loans in NJ
- State Sued Over Student Loan Forgiveness by Dentist
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