Drowning in Student Loan Debt

Drowning in Student Loan Debt

Drowning in Student Loan Debt

 

$ 1200000000000 owed create problems for the US auto industry, home sales

25-year-old from Knoxville majored in vocal performance and music education, hoping to work with Teach for America when she graduated in 2011. She sang regularly around Knoxville, even performed with opera and at Bonnaroo in 2013, and has held a variety of jobs, now working as a law firm receptionist.
Three-and-a-half years after graduating from the University of Tennessee-Knoxville, Yasameen Hoffman still trying to land a full-time job types that will help him begin to pay off her student loans.
Lyndsey Bickel read while students walk through the Financial Aid Department at MTSU.
With college debt hanging over his head, Hoffman calls the experience "bitter."
Fortunately for Hoffman, he came out of college with less than $ 20,000 in debt. He earned enough scholarship money he needs between $ 3,000 and $ 5,000 in Stafford Loans (a form of federal financial aid) each year for an end to college and pay for housing and food, while working part-time.
But he also chose to defer payment of student loans because he was afraid he could not make them consistent and credit could suffer if he fails.
"That, to me, is frustrated because it really is too big amount of debt even before you start your career," Hoffman said, noting he could buy a Mercedes-Benz or make advances nice house with that money.

The candidate vocalist hardly alone.

Hoffman's debt burden is lower than most. The average debt for 2013 graduates of Tennessee was $ 24,585, ranking the state 35th nationally. Approximately 57 percent of graduates holding the debt, which ranks 34th nationally, according to the Project Student Debt.
Debt Hoffman is a small part than $ 1200000000000 national owe on student loans in May 2014, topping even credit card debt. Seventy percent of college seniors who graduated in 2012 had an average student loan $ 29,400.


Average debt UT graduates in 2013 was $ 23,729, with 53 per cent of graduates holding the debt, and $ 22,616 at MTSU.
Average debt of $ 20,300 at Vanderbilt University, which costs about $ 63,320 per year, the school's own estimates show.
A graduate of Tennessee State carried an average debt of more than $ 30,000, while Tennessee Tech graduates have debt $ 17,000 and the University of Memphis graduate holding $ 24,400 debt load, Project Student Debt figures show.
"The economic recovery of our nation has not kept pace with the cost of higher education has skyrocketed, and the Tennessee General Assembly has failed to support the student or family Tennessee with further education cuts and the refusal to increase the HOPE Scholarship or Grant ASPIRE," said Cohen, a Memphis Democrat who previously served in the state Senate and struggled for years to pass a law legalizing a state lottery, which fund the lottery scholarship program.
US Rep Steven Cohen., Co-sponsor of legislation to help people avoid financial ruin of college loans, said it was an important issue for the nation, partly because it affects the ability of young people to buy big-ticket items such as cars and home.
"These and other issues have contributed to the problem of student debt bubble," said Cohen, showed no signs of trend reversal.
"Our country and our country must do more to ease the burden of student loans on our citizens."
In addition, he said Gov. Bill Haslam "invade" $ 300 million from lottery funds that could help low- and middle-income students and distributed to more affluent students through its promise Tennessee program, which provides free education in the state of technical and higher education.
State Rep. Craig Fitzhugh agree that the level of student loans "really" have an effect on the entire economy of the state and national.