Wednesday, April 15, 2020
The Burden of College Loans on Graduates Grows by Tamar Lewin Essay
The Burden of College Loans on Graduates Grows by Tamar Lewin EssayTamar Lewin is a stress-free and efficient student loan counselor, who for a year has been educating fellow students about the growing burden of college loans on graduates grows by 10 percent per year. She explains that these types of loans can be a problem for students, not only because of how large they are but also because of the repayment plan.Ms. Lewin said, 'First of all, I think one of the hardest things for students to accept is the fact that there will be a gap between earning their degree and actually having money coming in after graduation. For many people, this means they will likely have to pay back a substantial portion of their debt, which is more than they currently make, and many won't be able to go into their new career with a sizeable amount of debt hanging over their head.'According to Lewin, another problem is that many students today struggle to find a job where their degree from college can be c onsidered useful, because they have a student loan to repay. This means that when a person finally finds a job, they typically pay back this loan in much less time than anticipated, often leaving them with a credit rating that is extremely poor.Lewin then used an essay, called 'The Burden of College Loans on Graduates,' to explain why so many graduates today struggle to handle their finances. She said, 'Many graduates face a double whammy: the increased cost of going to school coupled with a steep increase in tuition. This leads many students to borrow more and then struggle to pay off this borrowed money, leaving them unable to pursue a college education without crippling debt hanging over their heads.'However, Lewin found that today's graduates have a bit of a fighting chance. According to her, 'Because of the Government's stimulus package, many students are now able to refinance their loans, which allows them to avoid the long and difficult process of making payments. They can al so choose to pay a fixed amount each month, and in some cases have the option of eliminating their payments completely.'One of the best ways for students to improve their chances of surviving a mountain of debt is to take advantage of the free counseling offered by college counseling services. A number of colleges provide free financial assistance for those in need.Lewin is also among those students who have taken the wise step of getting out of the field they are currently working in. 'I did this because I realized that the job market isn't what it used to be,' she said.'Graduates who find themselves without a job should consider whether or not a change in career path would be beneficial to them. If the current job is hurting their financial situation or causing debt, it may be best to pursue other options,' she concluded.