$1 Trillion Student Loan Debt Widens Us Wealth Gap

Retirement saving is taking a hit, too. Although 37% of Millennials in the Wells Fargo study think that Social Security won't be available to them when they retire, only 49% are actually putting money toward retirement savings. The Pew studyalso notes that the financial hardship foisted upon Millennials by college debt is causing them to eschew marriage. Only 26% of this group were wed by age 32, the lowest percentage of any age cohort. Not that more info they are against marriage: Nearly 70% of unmarried Millennials named the lack of financial security is the reason for their single state. <br>Source: <a href='http://www.fool.com/investing/general/2014/04/05/the-11-trillion-student-debt-burden-is-paralyzing.aspx&#039; >http://www.fool.com/investing/general/2014/04/05/the-11-trillion-student-debt-burden-is-paralyzing.aspx</a&gt;

As well as running a series of competitions with monetary prizes, a main feature of the company is the 10-day grace period it offers to those whose official payments are delayed. He said: I was slapped with lots of extra fees when I missed my repayment I really could have done with 10 days to resolve that hiccup without incurring a charge. Despite graduating in law, 24-year-old Shreiffs entrepreneurial flare was evident from an early age when he picked up trinkets from markets on family holidays to Morocco and sold them online for a profit on his return. He said: It was a little hobby and a lot of fun but it really set the business side of me going. Now two years old, Smart-Pig is going from strength to strength. Employing three members of staff from its base in Clarendon Place, Leamington, the company currently loans to nearly 7,000 students at 100 universities. To be in with a chance of scooping the award, the nine finalists have to demonstrate a flair for innovation and show that they provide support to their debtors. Tom, aged 25, who graduated from the University of Warwick in 2011 with the Deans Award and a Hays Consulting prize nomination, believes they tick all the boxes: We have excelled in all the areas and have gone far beyond them in others, such as treating customers fairly. Shreiff added: If we win we would be absolutely over the moon. <br>Source: <a href='http://www.coventrytelegraph.net/news/coventry-news/smart-pigcom-start-up-student-loans-company-6923546&#039; >http://www.coventrytelegraph.net/news/coventry-news/smart-pigcom-start-up-student-loans-company-6923546</a&gt;

Those factors, along with stagnating family incomes and declining savings, have made student loans a much bigger part of funding higher education, Elliott said. Harvard Business Schools Michael Norton wonders whether greater public awareness of the widening wealth gap in the United States would hasten policy change. Norton conducted a 2011 survey that found that people tend to think wealth is more equally distributed than it is. Targeting the soaring cost of higher education, President Barack Obama in August proposed the most sweeping changes to the federal student aid program in decades. His plan would link federal money to new college ratings and reward schools if they help low-income students, keep costs low and have large numbers of students earn degrees. Lawmakers in Congress also are debating how to address the issue, including proposals to allow graduates with high-interest loans to refinance at lower rates. <br>Source: <a href='http://www.alaskajournal.com/Alaska-Journal-of-Commerce/April-Issue-1-2014-1/1-trillion-student-loan-debt-widens-US-wealth-gap/&#039; >http://www.alaskajournal.com/Alaska-Journal-of-Commerce/April-Issue-1-2014-1/1-trillion-student-loan-debt-widens-US-wealth-gap/</a&gt;

3 Dumb Student Loan Myths That Can Bankrupt Smart Borrowers – Forbes

However, it omits a key factor that most student loan borrowers dont take advantage of:Student Loan Forgiveness Programs. These are programs designed to eliminate your student loan debt for free. And its been estimated that roughly 50% of borrowers can qualify for some type of student loan forgiveness program. You just have to look. The most common student loan forgiveness programs are students who pursue the following careers: The Military Volunteer Work Medical Workers If youre considering entering these fields, see what programs you could qualify for. <br>Source: <a href='http://www.forbes.com/sites/robertfarrington/2014/04/04/3-dumb-student-loan-myths-that-can-bankrupt-smart-borrowers/&#039; >http://www.forbes.com/sites/robertfarrington/2014/04/04/3-dumb-student-loan-myths-that-can-bankrupt-smart-borrowers/</a&gt;

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