Deferring payment of a loan
Deferring payment of a loan especially a commercial student loan will further attract higher interest rates. This will see students having to pay back more and more money as time passes and there are high chances that more and more students are going to opt for debt consolidation as they would have failed to manage their debts.
Some commercial finance institutions offer student loans with reasonable interest rates. Some of these financial institutions allow students to draft out a repayment plan which is agreed upon by both parties thus allowing students to successfully pay back their study loans. As getting government loans is already difficult and with the reduction in government loans commercial financial institutions are set to become popular during 2012. According to statistic analyses on the current financial situation of students it is estimated that in 2012 the total outstanding private student loans are set to pass U.S. 763.8 billion. This figure is calculated using a statistic model developed by Mark Kantrowitz. Students are thus advised to seek assistance from debt relief agents if they are having difficulties repaying their study loans.
03.20.12Students are going to face difficulties getting government financial assistance
The fact that university students are going to face difficulties getting government financial assistance will mean that more and more university students are going to be forced to get credit elsewhere. Getting financial aid from non-governmental financial institutions will result in students paying more and more money in terms of interest rates charged on money borrowed.
With students set to seek financial assistance from private financial organizations statistic prediction see the average debt per student surpassing the U.S. 25 000 mark more than that of last year. If these statistic predictions are going to be true the year 2012 will see more and more students deferring their loan repayments.
2012 will see student debts increase even further as congress is considering cutting financial aid. This is definitely going to have a negative blow on students that are in university as this form of financial aid covers for about 38% for a student’s education costs in a 4 year program.
According to the statistic reports on student loans the most affected will be newer students who will be faced with a tougher chance of securing financial aid in their studies. The fact that the government is considering cutting down the amount of financial aid given to university students will make it further impossible for new students to get government loans.
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2012 Student Loan Debt Statistics
According to statistics experts the year 2012 is going to see student loans debt surpassing one trillion U.S. dollars. Student loans are expected to surpass credit card debit for the second time in a row. According to current statistic results on student loans, about a third of university students needed to apply for financial aid. However as the world has currently been facing a global financial crisis over two thirds of university student now require financial assistance. This has lead to the average debt per student increasing from U.S. $12 000 to U.S. 25 000 in the last 10 years.
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