The student loan debt problem. This problem has recently become front page news. The reason being is that there a lot of people who have unknowingly put themselves into serious debt.
This debt continues to rise as people cannot pay or fall behind on their payments due to loss of job or lack of money coming in. Everyone is saying that the student loan debt is the next credit crisis which can affect the economy and make it even less productive.
According to an article “The Fed’s Balance Sheet: What is Uncle Sam’s Largest Asset” explains how the US government largest asset is student loans and how it is continuing to rise the debt amount as time progresses.
Default on student loans can ruin your whole life! They will make it extremely difficult to get any type of financing so that you can buy a house, car, continue your education and even prevent you from getting a job.
And when you get old and gray and if Social Security is still around they will also come after your SS check. No matter how you look at it you are getting the shit end of the stick.
Since the Fed is already in need of money they will continue to basically twist your arm for the money. In “Too Big to Fail: Student debt hits a trillion dollars” The Consumer Financial Protection Bureau explains how a new student can avoid the pitfalls of student loans. They explained how you should do a budget and learn what type of loans you qualify for etc. etc.
The problem with that is who has the time or even understand what they are reading? With all the jargon and legal language added to those loan papers is enough to make an intelligent person scream!
They do need to to make the process of getting student loans easier as well as having different payment options so that those with student loans can better pay their share.
Unfortunately, these options will fall on deaf ears because the Fed does not listen. They will do whatever they want no matter how backwards it may be. If they do not change their views on student loans people will no longer continue to pay and when this happens, get ready to see a trillion dollar default of the student loans sector.
With an already weak economy and the dollar losing value it will be an uncomfortable ride for all of us. Or you can buy a copy of “Worthless” written by Aaron Clarey. He will tell you the real deal with no bullshit!