Currently, the debt on student loans is $1.56 trillion. And, according to financial expert Chris Hogan, author of Everyday Millionaires, this fact alone is a sufficient reason to try not to resort to credit.
Currently, the debt on student loans have to 44.7 million Americans, and 11.5% do not repay it within 90 days, or declared itself insolvent. On average, according to Hogan, each owed about $55 thousand. “These people are in unfavorable financial situations and do not know how to get out of it, he added. But such a development could be avoided if pre-assess their capabilities”.
For their part, a number of presidential candidates for the Democratic nomination, including Bernie Sanders, Elizabeth Warren and Andrew young, offer to cancel the debt of student loans. But Hogan urged not to be misled into thinking that the end of an expensive private University will allow you to get a high-paying job and thus pay off creditors.
Instead, the expert recommended to pay attention to the state universities. “Some don’t even have to get a higher education — is sufficient knowledge that will give the professional schools, he concluded. Has also sense to start work and to gain practical skills, while collecting money for further education. A large number of scholarships and grants will in any case to borrow as little as possible”.