Student Loans Outlook is Improving

Student Loans Outlook is Improving

According to a September 24, 2014 Bloomberg Business week Article, the outlook for student loans, which has previously been quite bleak in the United States, looks much better for the future. According to the article, fewer individuals are not able to pay their student loans back year after year, and the student loan default rate decreased from 14.7 percent to 13.7 percent from 2013 to 2014 alone. Although the forecast for student loans seems to be getting better, there are still a large amount of young adults defaulting on their loan payments, meaning there is a larger problem with the state of Student Lending in general that needs to be addressed.

Education debt has the potential to affect the whole country, not just the student who are defaulting on their loans, and not just the schools they attend. Those students to face harmful credit scores and those schools do face decreased federal funding the more students default (most of the schools facing losing funding are for profit schools with a high percentage of students defaulting on student loans).

Student loans are a rocky terrain, and there is a lot of information out there that the American Public doesn't know or understand. Before seeking a loan, any type be sure you can adhere to the terms, and if default is imminent do everything in your power to fix your financial situation and make payments again. The lending economy affects our whole economy.

Learn more about student loans here.

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