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When Student Loans Become A Financial Hazard: 7 Ways To Get Out Of Debt: New Tips 2022

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When Student Loans Become A Financial Hazard: 7 Ways To Get Out Of Debt

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Student Loans; There are several types of loans like personal loan, home loan, car loan, personal loan etc., that are available in the market to get you out of the financial crisis. In today’s times, a student who wants to become a scholar has no option left but to borrow money. He/She has to approach the bank to get a loan to fulfill their dream of being a scholar.

If you are a graduate or a postgraduate student, then you have to deal with a huge amount of debts which is not good news at all. There is a high chance of getting into debt when you take a loan. These days, when the education sector is improving day by day, the student has no option but to borrow money.

Today, we will discuss the problems caused due to student loans and we will discuss how you can pay back the money.

You may ask me, why a student has to take a loan. You will be amazed to know the fact that if a student does not get a loan, he will not get a good education. Education is one of the most important things in our life as it gives us a better and comfortable future. If a student does not get an education, then his life becomes miserable. The student is bound to struggle and become an unemployed person. But, if a student borrows money to fulfill his dream of getting a good education, then it is not an easy thing to repay the loan.

Student loans are taken for various reasons such as higher education, higher studies, sports, professional training, buying a house and many more. However, most of the students take loan for their higher studies. The main reason behind it is that they don’t want to drop out of the course as their grades are too low to pass the entrance test.

According to a survey, it was found that most of the college students are struggling to repay their loans. In fact, according to the research, there is a high possibility of a student becoming bankrupt because of the heavy burden of the loan repayment.

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The survey was conducted in America by the American Bankers Association and the Federal Reserve Bank of New York and the results were as follows:

80% of the college graduates are struggling to pay back their student loan.

73% of the students have already had to default on their loan.

28% of the college graduates have taken a second job to pay back their student loans.

54% of the college students have postponed their dreams to repay their loan.

35% of the students did not apply for an education loan.

40% of the college students have been living in their parents’ home to pay back the loan.

These figures are shocking. If you fail to pay back the loan and you become a bankrupt, you will face a lot of troubles in your life. It will become tough to get a good job and you will find it difficult to get a house. You will not be able to enjoy the luxuries of life.

Then, how do you get out of the situation. There are various ways to get out of the situation. Some of the common ways include:

1. Consolidation: If you are facing huge amount of debt, then it is the best way to solve the problem. In this case, you will be able to pay a lower interest rate on the debt.

2. Borrowing from family: You may also ask your parents to lend you money for your education and repay the money later.

3. Getting a job: You may also take up a part-time job in order to make some extra cash.

4. Taking a loan from your employer: You may also take a personal loan from your company and pay back the amount in installments.

5. Take a loan from a friend or a relative: This is the cheapest option, and you will be able to save a lot of money by using this method.

6. Take up a part-time job: Another way is to take up a part-time job in order to make some extra cash.

7. Sell things: You may also sell some of the items like old clothes, jewelry, furniture etc.

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