Graduates & Student Loans
When attending undergraduate as well as graduate school, most students’ attention is directed at their academics, not figuring out how to pay their way through school. Some students may have one or two part-time jobs, and use those monies to pay for their tuition and living expenses, but, in most cases, the demand on time and effort is so stressful that many students rely on student loans to pay for all of it. What most students do not understand is that those loans will have to be paid back to the lenders as quickly as possible or suffer the consequences of accruing interest after leaving school. Look, the schools win (money upfront) and the lenders win (payments made over time = profit), but the student loses the game and suffers the consequences of “payment over time.”
Experts have looked at some of these student loan amounts as "death loans" - the amounts are so high and the interest accrues for such a long time that the balance is never paid off, thus lingering for years til one's death. It does not have to be this way nor should a borrower look at loan forgiveness since with our GPS financial software program, a graduate could easily pay off their student loans in as little as one-third the time it would take to pay them off traditionally with the lender, then invest that debt service payment, and not have to pay the IRS penalty when the student loan is forgiven. Look, numbers don't lie!