In August, students across the country are preparing to go to College. For many of them, preparation for class involves thousands of dollars of student loans that for many years can affect their lives.
Debt on educational loans is the second — largest consumer debt category (in the first place mortgage loans), exceeds the debt on credit cards and loans on cars.
According to Make Lemonade in the USA there are over 44 million borrowers with total debt of$1.3 trillion dollars – twice more than 10 years ago. The average student in 2016 owe the Bank $ 37,172 student loan.
Federal reserve Bank of new York reports that the growing debt can ultimately hurt the consumer the ability and mobility of students with low income.
Americans who have taken a loan, we have to choose between debt repayment and family, children, savings and buying a house.
The amount of debt is increasing every year and likely in 2017, it will break a new record.
