“Acknowledge Our Student Debt” Millennials Speak Out to 2016 Candidates
With tuition costs on the rise and a dire need for college students to take out an exorbitant amount of student loans to pay for tuition and living costs, Millennials are turning their sights to the 2016 presidential candidates to address the student debt crisis.
In a recent GVH Live discussion, Zach Cohen of Washington DC mentions how many of the candidates are keeping silent, with only a few democrats speaking out on the growing student debt crisis.
There are many variables associated with Hillary Clinton’s $350 billion plan to help alleviate the crisis, leaving wide gaps along the way. Bernie Sanders has also verbalized his plan about the issue with a liberal idea to have not just debt free education, but completely free college education, leaving tax payers with the $700 billion bill.
Many republicans have touched on the issue suggesting students take personal accountability, refinance student loans, or even freezing tuition rates.
One Millennial says, “When we have 60 percent of the population relying on government assistance to go to college, you have a problem.” She then speaks about Republican nomination leader, Donald Trump telling the media, “As much as I think Trump is sort of a joke, I do like what he said about college tuition. He wants to stop the government from profiting off of student loans and he said (this is a direct quote) ‘I think it’s terrible that one of the only profit centers we have is student loans, we being the government.’”
Each Millennial has their personal idea on who they want voted in and each are highly concentrated on hearing their preferred candidate speak on the issue with a reliable goal outlined.
- Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
- Negotiates with your creditors on your behalf.
- Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
- Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
- Combines all your debts and creditors into one monthly payment.
- Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
- You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
- Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
- Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
- Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
- Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
- Borrowers can receive funds from their loan within only a few days.
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