In this time there are a lot of professionals in every single field. Competing with multiples certifications and abilities trying to outdo their competence. And willing to work for less money than the guy next to him. Internet has brought awareness on this problem globally. Sites like Freelancer.com. and Upwork.com both social networks. offers the service of an infinite amount of credited professionals in the same place, according to Jason Spencer Dallas..
Despise this bubble reaching a breaking point in the US. The student loans keep rolling from the Federal government. Even as debtors are starting to pile up unable to make payments. Why is this happening?
The Problem is There But no One is Doing Anything About it.
Student debt is up to 1.3 billion dollars in this year alone at the hands of 42 million debtors. 4.2 million of them failed to make their payments in one way or another. This means that 1 in every 10 American college students took a loan that is unable to pay. Whose fault is this? Why a deeper background check is not made to applicants of these loans?
Lawmakers May Have a Hand in This Situation.
The average student debt is of 30.000 dollars. A 17% increment compared to last year numbers. The rise of these figures have a lot to do with nationwide decrease of local government contribution to Public Universities. This translates into higher costs for tuition. and the inability of payments to catch up to the yearly raising costs. Even at the accommodating interest rate of a Federal government loan.
The Bubble Keeps Growing.
The people unable to make student loan payments are usually those of low income. Or middle class that can’t find a place on traditional colleges. And look for the quick fix on for-profit colleges. The questionable standards of these institutions usually leave a collection of dropouts unable to continue studies anywhere. And stuck with a huge debt they can’t pay back. This contributes to the hardships of getting new credit or even a job. Since most companies will do deeper background checks on credit clients. Or to any potential employee.
Concessions are Made.
In the second term of Barack Obama. Measures where applied to help those students with heavy debt. But despise the fixed rates. and decreased monthly payments, many people still fell behind. The reality check is that most debtors work meager jobs to cover for their expenses. and they can barely make ends meet. The rise of companies that dealt with deferments. Like Jason Spencer’s Student Loan Relief . Was a good example of vultures taking pieces of a wounded animal. This brought awareness to a discussion that hasn’t faded to this day: the rise of the minimum wage.
The Plot thickens
In the present day. The Donald Trump administration has taken another set of measures that worsened the situation for people in debt. The actions taken by Barack Obama in 2015 to protect those affected by the Corinthian College Chain fiasco where dropped. And those people are now being pursued by debt collection companies again. This has caused a rift between local governments and The Federal Government. Leading to a high profile demand of 18 states to the Department of Education for dismissing the accusations of scam and fraud affecting over 215,000 people.
Reading this chronicle is discouraging to say the least. Facts prove that unless we have a million dollar idea in the back of out brain. Being able to make a living has nothing do with how hard we work. (since it’s implied we’ll have to do so). But rather with the chance of being able to survive the debt that comes with the education we need to carry on.
By Jason Spencer Dallas Texas
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