• Business

    Business Ideas

    ALL
    • In-Demand Businesses
    • Businesses That Never Fail
    • Best Passive Income Ideas for Increasing Cash Flow
    • Essential Tips To Start An Online Business
    • Best Websites To Buy Or Sell An Online Business For Free
    • Everything You Need to Know About Online Selling 
    • Current Business Trends: 9 Things to Keep in Mind
    • How to Open a Coffee Shop Business: A Comprehensive Guide
    • Effective Ways to Start your Business from Scratch 
    • The Main Types And Advantages Of Online Business
    Menu
    • In-Demand Businesses
    • Businesses That Never Fail
    • Best Passive Income Ideas for Increasing Cash Flow
    • Essential Tips To Start An Online Business
    • Best Websites To Buy Or Sell An Online Business For Free
    • Everything You Need to Know About Online Selling 
    • Current Business Trends: 9 Things to Keep in Mind
    • How to Open a Coffee Shop Business: A Comprehensive Guide
    • Effective Ways to Start your Business from Scratch 
    • The Main Types And Advantages Of Online Business

    Tips For A Successful Business

    ALL
    • Creative Business Proposal Ideas for Better Sales
    • Easy Digital Marketing Strategies for Small Business
    • Easy Steps to Develop Effective Time Management Skills
    • ClickUp, Trello or Hive?
    • Best SEO Tips for Small Businesses
    • Lessons Every Business Can Learn From Coworking Spaces
    • The Best Digital Marketing Strategies for a Real Estate Business
    • Useful Tips to Make Your E-Commerce Business Successful.
    • Why Do You Need to Track Your Spending
    Menu
    • Creative Business Proposal Ideas for Better Sales
    • Easy Digital Marketing Strategies for Small Business
    • Easy Steps to Develop Effective Time Management Skills
    • ClickUp, Trello or Hive?
    • Best SEO Tips for Small Businesses
    • Lessons Every Business Can Learn From Coworking Spaces
    • The Best Digital Marketing Strategies for a Real Estate Business
    • Useful Tips to Make Your E-Commerce Business Successful.
    • Why Do You Need to Track Your Spending
  • Money

    Invest Money

    ALL
    • Best Safe Investments
    • Investing In Real Estate
    • How To Invest: Are Your Investment Right Your Age
    • Best Alternative Investments
    • Best Investments To Beat Inflation
    • How To Invest In Collectibles
    Menu
    • Best Safe Investments
    • Investing In Real Estate
    • How To Invest: Are Your Investment Right Your Age
    • Best Alternative Investments
    • Best Investments To Beat Inflation
    • How To Invest In Collectibles

    Banking

    ALL
    • Best Savings Account
    • Best High Yield Savings Account
    • Best CD Rates
    • Best Money Market Accounts
    • Best Online Checking Account
    • Best Banking Apps
    Menu
    • Best Savings Account
    • Best High Yield Savings Account
    • Best CD Rates
    • Best Money Market Accounts
    • Best Online Checking Account
    • Best Banking Apps

    Loan

    ALL
    • Best Personal Loan
    • Best Low-Interest Personal Loans
    • Best Personal Loans for Bad Credit
    • Best Personal Loans for Excellent Credit
    • Best Debt Consolidation Loans
    • Best Student Loans
    Menu
    • Best Personal Loan
    • Best Low-Interest Personal Loans
    • Best Personal Loans for Bad Credit
    • Best Personal Loans for Excellent Credit
    • Best Debt Consolidation Loans
    • Best Student Loans

    Insurance

    ALL
    • Sproutt Life Insurance Reviews
    • eHealth Insurance Reviews
    • Cheap Car Insurance Reviews
    • Embrace Pet Insurance Reviews
    • Best Rideshare Insurance Reviews
    Menu
    • Sproutt Life Insurance Reviews
    • eHealth Insurance Reviews
    • Cheap Car Insurance Reviews
    • Embrace Pet Insurance Reviews
    • Best Rideshare Insurance Reviews
  • Forex

    Featured

    ALL
    • Best Forex Trading Courses
    • Best Forex Academy
    • Best Forex Trading Coaches
    • Best Forex Mentors
    Menu
    • Best Forex Trading Courses
    • Best Forex Academy
    • Best Forex Trading Coaches
    • Best Forex Mentors

    Learn To Trade Forex With Dumb Little Man

    ALL
    • Best Forex Brokers Review
    • Best Forex Trading Software
    • How To Trade Forex
    • How to Read Forex Charts
    • Best Forex Indicators
    • Best Forex Screeners
    • Best Time To Trade Forex
    • Best Forex Trading Tools
    • AvaTrade Review
    • CedarFX Review
    • Forex.com Review
    • Interactive Brokers Review
    Menu
    • Best Forex Brokers Review
    • Best Forex Trading Software
    • How To Trade Forex
    • How to Read Forex Charts
    • Best Forex Indicators
    • Best Forex Screeners
    • Best Time To Trade Forex
    • Best Forex Trading Tools
    • AvaTrade Review
    • CedarFX Review
    • Forex.com Review
    • Interactive Brokers Review
  • Stocks & Crypto

    Stocks

    ALL
    • Best Stock Brokers
    • Best Online Brokers for Stocks Under $100
    • Best Online Brokers for ETF Investing
    • Best Brokers for Mutual Funds
    • Best Online Brokers for Bonds
    • Best Blue Chip Stocks
    • Best Swing Trade Stocks
    • Stages of a Stock Market Bubble
    • Best Stock Investing and Trading Podcasts
    • Best Defensive Stocks to Invest
    Menu
    • Best Stock Brokers
    • Best Online Brokers for Stocks Under $100
    • Best Online Brokers for ETF Investing
    • Best Brokers for Mutual Funds
    • Best Online Brokers for Bonds
    • Best Blue Chip Stocks
    • Best Swing Trade Stocks
    • Stages of a Stock Market Bubble
    • Best Stock Investing and Trading Podcasts
    • Best Defensive Stocks to Invest

    Cryptocurrency

    ALL
    • Best Cryptocurrency Trading Courses
    • Best Cryptocurrency Brokers
    • Best Cryptocurrency Exchanges
    • Best Cryptocurrency Apps
    • Learn about Cryptocurrency
    • How To Earn Cryptocurrency
    • How to Trade Cryptocurrency
    • Best Cryptocurrencies
    • Best Crypto Trading Bots
    • Best Crypto Portfolio Trackers
    Menu
    • Best Cryptocurrency Trading Courses
    • Best Cryptocurrency Brokers
    • Best Cryptocurrency Exchanges
    • Best Cryptocurrency Apps
    • Learn about Cryptocurrency
    • How To Earn Cryptocurrency
    • How to Trade Cryptocurrency
    • Best Cryptocurrencies
    • Best Crypto Trading Bots
    • Best Crypto Portfolio Trackers
  • Health

    Health Conditions

    ALL
    • Macular Degeneration
    • Testosterone
    • Constipation
    • Hormonal Imbalance
    • Stomach Bloating
    • Sleeping Problems
    • Baldness
    • Lower Back Pain
    • Toenail Fungus
    • Mouth Sores
    • Eye Dark Circles
    • Stomach Bloating
    • Headaches
    • Face Acne
    Menu
    • Macular Degeneration
    • Testosterone
    • Constipation
    • Hormonal Imbalance
    • Stomach Bloating
    • Sleeping Problems
    • Baldness
    • Lower Back Pain
    • Toenail Fungus
    • Mouth Sores
    • Eye Dark Circles
    • Stomach Bloating
    • Headaches
    • Face Acne

    Product Reviews

    ALL
    • Diet & Weightloss
    • Exercise and Fitness
    • Beauty and Skin
    • Hair and Nails
    • Strength Training
    • Yoga
    • Dietary Supplements
    • Over-40 Supplements
    • Sexual Health
    • Dental Health
    • Men’s Health
    • Women’s Health
    • Sleep and Dreams
    • Best Weight loss Supplements
    • Best Fat Burner Supplements
    • Best Hair Growth Supplements
    • Best Vision Supplements
    • Best Memory Supplements
    • Best Natural Testosterone Supplements
    Menu
    • Diet & Weightloss
    • Exercise and Fitness
    • Beauty and Skin
    • Hair and Nails
    • Strength Training
    • Yoga
    • Dietary Supplements
    • Over-40 Supplements
    • Sexual Health
    • Dental Health
    • Men’s Health
    • Women’s Health
    • Sleep and Dreams
    • Best Weight loss Supplements
    • Best Fat Burner Supplements
    • Best Hair Growth Supplements
    • Best Vision Supplements
    • Best Memory Supplements
    • Best Natural Testosterone Supplements
  • Relationship

    Blogs and Tips

    ALL
    • Females in Relationship
    • Men in Relationship
    • Dating Tips
    • Finding yourself
    • Marriage Tips
    • Love
    Menu
    • Females in Relationship
    • Men in Relationship
    • Dating Tips
    • Finding yourself
    • Marriage Tips
    • Love

    Dating Guides

    ALL
    • Best Catholic Dating Sites and Apps
    • Best Christian Dating Sites
    • Best Pagan Dating Sites and Apps
    • Best Teen Dating Sites and Apps
    • Best Dating Apps for College Students
    • Asian Dating Guide
    • Japanese Dating Guide
    • Filipina Dating Guide
    • Indian Dating Guide
    • Black Dating Guide
    • Russian Dating Guide
    • Best Free Trucker Dating Sites and Apps
    • Best Dating Sites and Apps for Marriage
    • Best Free Crossdresser Dating Sites and Apps
    • Best German Dating Sites
    Menu
    • Best Catholic Dating Sites and Apps
    • Best Christian Dating Sites
    • Best Pagan Dating Sites and Apps
    • Best Teen Dating Sites and Apps
    • Best Dating Apps for College Students
    • Asian Dating Guide
    • Japanese Dating Guide
    • Filipina Dating Guide
    • Indian Dating Guide
    • Black Dating Guide
    • Russian Dating Guide
    • Best Free Trucker Dating Sites and Apps
    • Best Dating Sites and Apps for Marriage
    • Best Free Crossdresser Dating Sites and Apps
    • Best German Dating Sites
  • Trading School

Is There Going To Be A Student Loan Apocalypse?

Written and Published by Brian Wallace on November 8, 2017 - Reviewed by Dumb Little Man

 Is There Going To Be A Student Loan Apocalypse?
College Money
by Brian Wallace November 8, 2017

One of the scariest things that can happen is a robocall alerting you to the fact that student loan forgiveness program is on thin ice. It’s such a predictable tale of terror – people were promised a decade ago that if they made payments based on their incomes, the remainder of their debt would be wiped out in a decade.

It seems that the program is on the chopping block and people are in a panic. They entered into these agreements in good faith, executed their end of the bargain over the past decade only to see their balances increase, thanks to unfettered interest rates.

Now, they have no recourse and many will have to start the cycle all over again. Is it time to talk about student loan forgiveness?

Table of Contents

  • Student Loan Forgiveness Horror Stories
  • How Many People Are Affected By Student Loans?
  • An Ounce Of Prevention Is Worth A Pound Of Cure
  • What Needs To Be Done?

Student Loan Forgiveness Horror Stories

Clerical errors that aren’t even your fault can keep you in debt for life if your debt is in the student loan category. The New York Times recently reported a story about an Oregon man named Jed Shafer who discovered- after eight years of his 10-year payment plan- that his loan servicing firm failed to enroll him in the program he asked to be enrolled in.

The $70,000 he’d paid in that time period had not put a dent in his loan principal balance. And he’s not the only one who spent the last decade spinning his wheels.

Even the folks in the correct repayment programs are worrying that they might not be out of the woods yet after announcements of their programs’ probable cancellation.

How Many People Are Affected By Student Loans?

The short answer is almost everyone. Even if you don’t carry a student loan balance, chances are you know someone who does.

But even if you don’t know a single person who carries a student loan balance, student loans are an invisible drag on economic recovery. Black Friday is just around the corner. It’s called Black Friday because that’s when retailers get their ledgers into the black after being in the red all year long.

But people who have a student loan debt, a debt category that is second only to mortgage debt in America, spend far less money during the Holidays than everyone else. These are people in their supposed prime earning years who should be otherwise contributing to the economy.

  • 61% say they spend less on gifts
  • 39% say they spend less on travel
  • 28% say they spend less on charitable donations
  • 28% say they spend less on Holiday gatherings

An Ounce Of Prevention Is Worth A Pound Of Cure

student loan tips

The bottom line is this:

The only way to survive student loan debt is to not get into it in the first place. Sure, there are people who dutifully made maximum payments and got out of their student loan debts by living in their parents’ basements and working two jobs.

But, for many people, especially those who find that making a living wage isn’t as easy as you were led to believe at college orientation, the payments are too big and the paychecks are too small. It may be too late for Millennials. However, younger generations should heed their warnings: no amount of student loan debt is safe.

What Needs To Be Done?

student loan crisis

If you already have student loans, don’t count on forgiveness programs to bail you out. You could end up like countless others paying minimum payments while your balance continues to grow. Pay as much as you can each month, including additional principal payments.

The key is to reduce the balance, not to wait around for someone else to do it for you. Take a second job if you have to or find an employer who will pay a portion of your student loan debt as part of your compensation package. Your future depends on it.

See Also: What Can Employers Do About The Student Loan Crisis?

If you are a student looking at schools, stop. Go to a state school or a community college. Apply for work-study programs. Do not go to a private or for-profit college or university. You don’t need it. Consider becoming an entrepreneur to fund your school expenses so that you can work your schedule around school.

The problem with student loan forgiveness is that it is a tremendous economic burden. All that debt has to go somewhere and it’s starting to look like Congress has declared a collective “not it!”. Time will tell if anything meaningful will be done about the student loan crisis. Until then, learn more about the case for student loan forgiveness from this infographic.

Source: refinancesstudentloans.net

Student Loan Forgiveness

Like this Article? Subscribe to Our Feed!

Author: Brian Wallace

Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, and hosts the Next Action Podcast. Brian has been named a Google Small Business Advisor for 2016-present and joined the SXSW Advisory Board in 2019.

  • Web
  • |
  • Twitter
  • |
  • LinkedIn
  • |
  • More Posts(211)

Share This:

  • 0
    Facebook
  • 0
    Twitter
  • 0
    Linkedin
  • 0
    Email
Previous post
Next post

FOREX REVIEWS

Get daily tips and tricks for making your best home.
Follow us :
Instagram Pinterest Facebook Twitter
  • About Us
  • Advertise
  • Become a Contributor
  • Privacy Policy
  • Contact
Menu
  • About Us
  • Advertise
  • Become a Contributor
  • Privacy Policy
  • Contact
  • About Us
  • Advertise
  • Become a Contributor
  • Privacy Policy
  • Contact
Menu
  • About Us
  • Advertise
  • Become a Contributor
  • Privacy Policy
  • Contact
  • About Us
  • Advertise
  • Become a Contributor
  • Privacy Policy
  • Contact
Menu
  • About Us
  • Advertise
  • Become a Contributor
  • Privacy Policy
  • Contact
Get daily tips and tricks from Dumblittleman!
Your subscription could not be saved. Please try again.
Success! You are now a Dumb Little Man! :)
Follow us :
Instagram Pinterest Facebook Twitter
Browse