Start-up Student Loans Company Pair Shortlisted For National Award – Coventry Telegraph

Hes been turned down twice for the type of mortgage he needs to buy a home big enough for himself, the fiancee he would have married already if not for his debts and her 10-year-old son. I have more education and more degrees than my father, as does she than her parents, and yet our parents are better off than we are. Whats wrong with this picture? he said. Student debt is the only kind of household debt that rose through the Great Recession and now totals more than either credit card or auto loan debt, according to the Federal Reserve Bank of New York. Both the number of borrowers and amount borrowed ballooned by 70 percent from 2004 to 2012. Of the nearly 20 million Americans who attend college each year, about 12 million borrow, according to the Almanac of Higher Education. <br>Source: <a href='; ></a&gt;

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The $1.1 Trillion Student Debt Burden Is Paralyzing a Generation

Its an IOU on your future earnings, and the government will garnish your wages to get paid back. In some sense, this is correct youre borrowing against yourself, and you do need to pay it back. However, it omits a key factor that most student loan borrowers dont take advantage of:Student Loan Forgiveness Programs. These are programs designed to eliminate your student loan debt for free. And its been estimated that visit our website roughly 50% of borrowers can qualify for some type of student loan forgiveness program. You just have to look. The most common student loan forgiveness programs are students who pursue the following careers: The Military Volunteer Work Medical Workers If youre considering entering these fields, see what programs you could qualify for. <br>Source: <a href='; ></a&gt;

"People who went to these schools in order to better themselves so they could get a job and didn't get decent training are not in a good position to pay off these loans," she said. Robyn C. Smith, an attorney who works with the National Consumer Law Center, estimates that "thousands and thousands" of former students fall in that category. The U.S. Department of Education proposed rules last month that target career colleges, an industry buffeted by criticism and lawsuits. <br>Source: <a href=',0,6952592.story&#039; >,0,6952592.story</a&gt;

3 Dumb Student Loan Myths That Can Bankrupt Smart Borrowers – Forbes

A study by Wells Fargo found a similar result, with 36% of Millennials polled admitting that student debt is their primary financial concern. Some even question the value of taking on so much debt: nearly one-third said that they now feel they would have been better off skipping collegealtogether. The negative ramifications of student debt are long-term They might have a point. Evidence shows that starting off your working life with a huge debt load has negative repercussions far into the future. It became obvious early last year that onerous student debt was keeping young workers out of the housing market , an issue possibly exacerbated this year by the new qualified mortgage standards rules that are meant to make certain that a borrower will be able to repay his or her mortgage loan. Retirement saving is taking a hit, too. <br>Source: <a href='; ></a&gt;

Two years on, the start-up has been nominated in the Alternative Lender of the Year category for the Credit Today Awards 2014. The brainchild of former Warwick University student Tom Parks and his old schoolmate Shreiff Benaziza, the idea for the company came about after Shreiff suffered a bad experience while at university. He explained: I needed a bit of extra money. My bank refused to extend my overdraft and I didnt want to go to my parents so I ended up using a short-term loan firm. It was just a disaster. The reason is different he says is because it cares about the people it lends money to. <br>Source: <a href='; ></a&gt;


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