There are now more than 44 million Americans who are currently in massive student debts and it has now reached a total of $1.48 trillion and counting. An average college graduate today has about $40,000 in student debt, which is not a new trend at all. It takes people decades to actually pay off this loan depending on how well they are doing with their careers.
This is of course having a huge impact on their lives and some of them are struggling with it for years now. Here are a couple of signs that student loans are affecting your life in a not so greta way as well as how it can be stopped with the help of others.
Student Loans Are Affecting You Badly
One major sign is when it is literally controlling your financial life. When you were a child, you may probably think that once you get your degree and have a job, you’ll be able to buy whatever your heart desires such as your dream car, your dream house, and even travel the world.
Unfortunately, adults don’t talk about the student debt some of you will be a part of. You may have a decent paying job at the moment but it doesn’t necessarily mean that you are free to simply just spend it however you want it since you got a student debt to worry about. It stops you from taking risks and also prevents you from reaching for your goals. Sometimes people have to work two or more jobs so that they could literally make more money since their student debt is taking most of it.
Another sign is that it is affecting your life mentally by preventing you from making life choices such as getting married and having your own kids. Of course, it is not impossible but it is also very difficult since you won’t be able to save up that much for a down payment to put on a house which you will need if you want to start a family. It can be very difficult to apply for a mortgage with a massive student loan peeking on your shoulders. Which is why it is best to find ways on how to be able not to let these debts control your life for you.
Let Others Help You With Your Student Loan
It turns out that you are never alone in this world, for those who are literally struggling to make their ends meet with thousands of dollars of debt on their student loans, there is a way for you to seek some help to pay for it. One of those would be an education registry known as Gift of College, which basically helps people with student loans by letting them register and make an account then sharing their profiles to families and friends, or literally whoever they think can make a contribution to their funds.
According to the director of marketing at Gift of College, Nadine Perry, people would prefer to have their aunts and uncles to donate some money for their student loans than to get them a gift that they don’t need this holiday season.
Another great way to seek help is by having your employer to for your debt.
This is something that not everyone believes to be happening but this is actually a thing now and 4 percent employers are offering to do it. This is a part of their plan to attract as well as retain some talents. So technically, in exchange for your hard work and incredible skills that can be contributed to the progress of the company, you may be rewarded with some help with your student debt aside from your salary. Some well-known companies are now trying to implement it such as HP or Hewlett-Packard Enterprise, Millennium Trust, and New York Air Brake.
More than 44 million Americans are in student debt
Aside from that there are now volunteering jobs that are open to helping people who are in student debts just like the Shared Harvest Fund, wherein you will simply choose whichever social issue you want to take part of and then you’ll be assigned to work with some non-profit businesses and organizations around in the cities of Los Angeles, Chicago, and New York.