Interest rate hikes: A perfect storm for student education loans, Per Congressman Steven Palazzo in a communication with the Gulf Coast Examiner, "Many Americans have struggled in this stagnant economy as the train wreck of Obama-care approaches. Unemployment remains high and the costs of living continue to rise.
Considering the fact that student loan rates recently doubled due to Senate inaction, the challenges facing students seem like the perfect storm.
According to a recent Fidelity Investment's study of college graduates from the classes of 2011, 2012 and 2013:
70% of the class of 2013 is graduating with student loan debt, averaging $35,200
54% of students graduating with student loan debt are expecting it to take more than nine years to pay off
7% do not think they will ever pay back their loans
25% say they will need the help of parents, personal savings, or a second job to pay back loans.
In addition, many students have been forced to move back home due to the sluggish state of the economy, and nearly half of all unemployed workers in America today are under the age of 34.
When Washington tried to solve the student loan problem a few years ago, it only succeeded in making things worse."
Continued Palazzo, "I supported the Smarter Solutions for Students Act that would provide certainty for students by replacing the current loan rate system with market-based solutions and rate caps to protect borrowers . . .
While students wait for the U.S. Senate to act, I will continue to work for fair and responsible policies that provide opportunity, rather than burdening the next generation of American workers and families."
Congressman Palazzo always welcomes your comments and opinions and can be contacted in his Washington, DC office at (202) 225-5772 or through a district office available at his website.
Thursday, July 11, 2013
Interest rate hikes: A perfect storm for student education loans
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