Student Loans - The Cause of Inequality
A huge number of Americans are paying each month on their loans for education, while the cost of debt service do not allow them to invest money in your retirement account, that is, they can not save for the future.Most of them wants to get rid of debt and start saving. But even when they are being paid for their studies, they will not be able to catch up with his wealthy peers who do not have a student loan and all their earned money sent immediately to the treasury.Such debtors in the US, according to various estimates, about 37 million people, and the total debt for education is estimated at $ 1 trillion.
This student loan is the cause of social inequality between the rich and the rest of the United States.If the graduate just starting to do their welfare, beginning to invest in stocks, bonds or real estate, then he just has more time to see how his investment grow. At the same ones who are burdened by student debt, this is not possible, and the average loan for education, by the way, is paid 10 years, and sometimes longer.
But the figures for comparison. As of 2009, the state of the average household, not burdened with student loans was $ 118 thousand. And households state that has such a loan in liabilities, only $ 43 thousand. The difference, as they say, is obvious.According to the research company Pew Research Center in 2012, among the households with family members under the age of 35 years have a 40% student loan.Associated Press cites an example. There is a certain Mr. Ashton, who was lucky enough to get an education, without resorting to credit. He was 22 years old, and he is already making to 6% of their salary to the pension fund."We earn the same money, but my peers have to pay the loan, and I'm not This is a very big difference.", - He says.Student loans in the United States took a tremendous interest in the structure of household debt. According to the Federal Reserve Bank of New York, the total amount of these loans is greater than auto loans and credit card debt. The amount of leverage on them has increased in the period from 2004 to 2012. 70%.US authorities have recognized the problem. They also believe that inequality in society has reached a critical point and the need to take action.-So What initiatives are already proposed by President Barack Obama and Congress discussed the possibility of refinancing student loans with a high rate under lower.