Student loan debt is a growing crisis in the United States. A new report by ChamberofCommerce explores the complex landscape of student loan debt and its impact on borrowers, policymakers, and financial advisors.
Student loan debt in the United States has reached a staggering $1.7 trillion. The average borrower owes over $30,000 in student loans, and many borrowers are struggling to make their payments. The resumption of student loan payments on October 1, 2023, will only add to the financial burden of borrowers.
More tuition options and more student financing options can help to combat the trend of student loan debt by making it easier for students to afford college without taking on excessive debt. This can be done by providing students with more choices about where to attend college, as well as by offering more tuition payment options.
By making college more affordable, we can help to reduce the amount of student loan debt that students graduate with, and we can also help to improve their financial security in the long term.
Tuition Payment Plans
Your school’s billing office (sometimes referred to as the bursar’s office, cashier’s office, or student accounts office) may have payment plans available to help you spread the remaining costs over several payments throughout a semester. The payment plan can help you budget the payments rather than paying in one lump sum, possibly helping you avoid costly late fees.
Instantly Pre-qualify, Compare and Apply for Private Loans through a Multi-Lender Marketplace
We get it, applying for student loans with direct lenders is a time consuming, burdensome process, which you have to repeat over and over again. Wouldn’t it be better to apply once, and be able to compare all of your schools’ approved private lenders? Well, now you can!
Using Meratas’ Multi-Lender Marketplace, you can search and compare real, personalized private loan offers from multiple national lenders through one simple, two-minute application. Using the Multi-Lender Marketplace is free to you, and does not impact your credit score.
After comparing your personal rates, you can choose the loan that best serves your needs, and apply directly through that lender’s website. You have the right to use any lender you wish, and to accept or reject any offer presented to you.
By: Jamie Davis
This post was prepared by the author, in her/his personal capacity. The views expressed are her/his own, and do not necessarily reflect the views of Meratas Inc.
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