Student loan debt is the next big disaster – How it is crippling an entire generation

June 25, 2013

College debt has become a startling issue just after the soaring credit card debt and it is also affecting the entire economic growth. Although there are masses that are joining new jobs but studies reveal that there are too many women who are getting affected in this grand financial future. As young graduates around the country toss their caps and rip off their gowns, some others are there who have graduated not only with a degree but also with huge amount of student loan debt. According to Forbes, the national average for student loan debt is around $20,000 and the average salary that they get is not in accordance with what they owe on their student loans.

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The debt to income ratio of the student borrowers are extremely high in the US and their debt burden chills down the spines of the young men and women as they take their initial steps towards their career ladder. Statistics show that the women are in a worse state than men as they’re more zealous and usually take out more student loans to get specialized degrees. As there is a sluggish growth in the unemployment market, the women and the men are not being able to take any step towards repaying their debt burden.

All those federal student loans still have an option to consolidate their loans as the US Department of Education offers them direct debt consolidation loans through which they can alter the repayment terms and the interest rates on the previous loans. An affordable repayment plan, a lower interest rate, revised monthly payments and an enhanced credit score are some of the benefits of taking out a direct debt consolidation loan to repay your student loan debt. If you’re a student, be careful about the steps that you take so that you don’t contribute to the debt burden further.

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