Many college students in the US use student loans to fund their education costs, hoping that a college degree will lead to a higher income level. Upon graduation, young adults are left with an average of over $20,000 in school loans. Those choosing to attend graduate school can end up owing much more, with federal Stafford loans capping at over $200,000!
It’s important for graduates to pursue student loan forgiveness because lingering debt can lead to serious consequences. Here are the top 4 reasons to pursue student loan forgiveness through The Suber Group:
The Downward Spiral of Debt
Oftentimes people who are struggling to pay their student loan debt will end up using credit cards to make payments. These credit cards carry higher interest rates and only lead to more debt. Pursuing student loan forgiveness can save you from collecting even more debt on top of your student loan.
2. Family Relations
There is a phenomenon that has become popular over the past few decades. It is called “re-nesting.” Re-nesting occurs when a young adult leaves home to go to college, earns a degree, and then returns home to his or her parent’s house afterwards. This usually occurs because the new graduate hasn’t found financial stability and is struggling to find work while making student loan payments at the same time. Re-nesting can cause strained relationships and can be avoided by obtaining student loan forgiveness.
3. Your Future Wedding
Traditionally, college students do not have the money to get married. College sweethearts will postpone engagements and weddings, believing that once they finish school they will be financially stable enough to afford a wedding. Lingering student loans can make it difficult for couples to ever save enough money to pay for their nuptials.
4. Avoiding Bankruptcy
Student loan debt can grow out of control. The other expenses of adult life can compound with these debts, causing an acute personal financial crisis. When student loan debt combines with mortgage payment and the financial requirements of raising a family, graduates can crumble under a mountain of debt, eventually being forced to declare bankruptcy. Forward-looking people should view student loan forgiveness as a way to prevent this kind of crisis.
There are other reasons to seek student loan forgiveness. These are just some of the most common. Whatever your situation is, I can guarantee you’d be better off with an extra $20,000 in your bank account, instead of having to hand over that money to pay off your student loans. Don’t allow student loan debt to haunt you for decades after you earn your degree. Instead, contact The Suber Group to learn about ways to qualify for student loan forgiveness.
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