Most people have some kind of debt throughout their lifetime. But who has an overwhelming, lingering debt that never seems to go away? College students. Whether they have already graduated or are still in school, college costs tend to leave former students unable to ever pay off all their debt.
According to the non-profit organization Project on Student Debt, student loan debt is growing by $2,853.88 per second. Marcos Cordero points out in his article "College Student Loan Debt Crisis and Its Effect on the Economy", that college costs are increasing faster than the costs of medical coverage. Students are having trouble paying back their student loan debt because of the incredibly high annual tuition to many private and public universities. However, there are ways for families, or students, to decrease student loan debt early before it's already too big too control. By saving early with a 529 savings plan, it is easier for parents to pay for college without having to get as much loan money.
There is no alternate way for students to pay for college yet, but by withdrawing less student loans and saving their money students can end up with more wealth less debt. The large sums of student loans giving out are hurting the economy, and if student loans are still being used as heavily as they are today in the future, the loan money will slowly but surely run out.
http://www.huffingtonpost.com/marcos-cordero/college-loan-debt_b_2129777.html
"College Student Loan Debt Crisis and Its Effect on the Economy"
Marcos Cordero, author, is the CEO at Gradsave, a company that works with students to manage their tuition and helps them gain the opportunity of receiving an education.
This article is very recent, posted just a few days ago on November 14, 2012.
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