Currently, student loan debt has surpassed credit card debt in this country. The nation’s student loan debt is increasing by $2,726.27 every second. Since many students do not apply for scholarships, many have to resort to borrowing student loans. In a recent study, student loan debt has hindered most millennials from buy homes. Knowing these statistics, it is critical to understand the financial impact of student loans before you start borrowing.
Every student I’ve come across has asked, “Do I have to take out loans?” The fact is, loans can help you pay for your college education if you don’t have sufficient means to pay for it upfront. Because student loans are a self-help aid, if you take out any loan, you are responsible for paying it back.
Some students and parents try to transfer loans to one another, yet, once a loan is taken out by a person, it is their loan—they are the one who is responsible for paying it back. You cannot add anyone else on the loan or transfer the balance to someone else to pay it off for you. Even if you file for bankruptcy, student loan debt will NEVER be removed!
If you don’t receive a degree, …read more