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Just reported that student loans outstanding are more than $1 trillion, how can this be repaid?
If people pay back loans using 5% of their income they will need to earn $20 Trillion to repay! That's seems impossible. Wall Street Journal article http://on.wsj.com/GFHOzZ
There is a proposed bill out there that isn't gaining much momentum, referred to as the Student Loan Forgiveness Act. Meaning if those with outstanding students loans make "payments equal to 10% of your discretionary income for 10 years, your remaining federal student loan debt would be forgiven." Not too shabby a forgiveness plan. Rather than focusing on the debt that is there only, perhaps looking at how the cost increases of tuition is impacting the inflated outstanding loans as well.
This is a good question. I have to agree that repayment of this amount seems impossible. There are many students who will NEVER earn enough to support the college debt that they CHOSE to enter into because of a variety of factors such as the student not ensuring that they will earn enough in their chosen field to support the debt and most importantly not studying the employment trends for their field to make sure they stood/stand a good chance of getting a job in that field. You would be amazed at the number of students who have not done this and have no clue about the losing battle they have ahead! I also feel that the consequences of their bad decisions should not be borne by others.
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