Many people associate the word “loan” with bad things such as financial problems, interest, big installments and even bankruptcy. However, thanks to improvements in financial literacy, people have become more aware that the right loan can be an investment, too. Loans for business, home purchases, or maybe cars are things that people consider investments, but how about a loan for education? If we compare with those in the United States, based on data from Student Loan Debt Statistics for 2018, student loans reached almost US$1.5 trillion, spread over 44 million borrowers in 2017. More than 70 percent of students graduate with debt. According to the World Bank ( 2018 ), as of 2017, the US had gross domestic product (GDP) per capita of $59,531, while Indonesia $3,846. Taking these facts into account, one may roughly conclude that people in the US consider education an investment so they are willing to take a loan out in order to get a promising job or build a solid … [Read more...] about Are student loans an investment?
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caption Student loans weigh on many employees. source Strelka Institute/Flickr A college degree may lead to a lucrative career, but the cost of tuition is putting some people so far in debt that a even decent job can’t fully lift the burden. Companies big and small – including IBM and fitness startup Peloton – offer student loan repayment benefits to employees. Research shows employee financial stability is linked to overall well-being and work performance, and workersoverwhelmingly prefer companies who offer help with student debt, often over retirement benefits. This article is part of Business Insider’s ongoing series on Better Capitalism. A lucrative career typically relies on having a college degree. But all too often, expensive tuition costs lead to debt that even a decent-paying job can’t cover. In 2018, 44.2 million American borrowers owe $1.48 trillion in student loan debt – $620 billion more than … [Read more...] about Companies from corporate giants to hot startups have begun offering perks and programs to tackle employees’ stifling student loans
Despite six-figure salaries, working as a dentist, doctor, or lawyer isn’t the path to wealth it once was, thanks to staggering student loan debt. Mike Meru, an orthodontist who attended USC’s dental school, owed over $1 million on his student loans as of May 25, according to the Wall Street Journal. Meru is just one example of the rising cost of a professional degree in the US. Many of the richest people in the US today work in tech or business – an MBA is often a better return on investment. Student loan debt has reached staggering heights, with graduates in the US owing more than $1.3 trillion to the federal government. But perhaps few have felt the burn of student debt more than Mike Meru, a 37-year-old orthodontist who owed $1,060,945 on his student loans as of May 25, according to a story in the Wall Street Journal. It’s a small sum compared to the $2 million … [Read more...] about The story of an orthodontist making 6 figures with $1 million in student loan debt shows why doctors and lawyers are no longer the richest people you know
By Peter Goffin The Canadian Press Thu., May 24, 2018 Lily Eskin has a lot to look forward to. Just wrapping up her undergrad at McMaster University, she has already been accepted into the school’s Masters of Political Science program, secured a scholarship and a job as a teaching assistant. But Eskin is over $30,000 in debt from a bank loan she had to take out to pay for her undergraduate studies. “I just know it’s going to take me a while to repay that, because I’m uncertain how much money I’m going to make,” she said. One of the most pressing concerns for college and university students, as the election nears, is the cost of tuition, say Eskin and others. Hundreds of thousands of students in financial need get tuition money though the Ontario Student Assistance Program each year. In 2017, the Liberals increased the number of grants, which unlike loans do not have to be paid back, awarded to OSAP-eligible students, and made it … [Read more...] about Ontario student voters look for student loan relief, mental-health services
President Trump released a proposed budget Monday that would axe certain student loan forgiveness programs. These programs were developed to help borrowers struggling under insurmountable debt and to incentivize individuals to enter into low-paying, but essential jobs. The budget plan drew ire from some student loan borrowers. President Donald Trump unveiled a budget plan Monday that appears to put a slew of loan forgiveness programs in peril. The proposed budget would dismantle the Public Service Loan Forgiveness Program, a plan which helps individuals with jobs in government or for a tax-exempt nonprofit organization pay off their loans, and would change the number of years and amount that students must pay back loans under loan forgiveness programs, which are set up to help individuals whose loan payments are more than 10% of their discretionary income. The programs in question were developed to help borrowers … [Read more...] about Trump may end a student loan forgiveness program — and people are furious