Posts Tagged ‘Student Loans’
Could the next bubble to burst be student loans? Robert Reich noted this in his new book Aftershock: The Next Economy and America’s Future. In a recent interview about his book, he highlights, “The Consumer Financial Protection Bureau reported earlier this year that debt from student loans exceeds $1 trillion, surpassing credit card debt, for the first time.” U.S. college students borrowed $117 billion in federal loans last year, and they also hold an average of $45,000 in loan debt from pursuing a higher education; two alarming facts about student loans.
According to an analysis by Moody’s Analytics, “student loans have grown persistently at double-digit rates throughout the last decade, and college costs have outpaced overall inflation by a significant margin.” Tuition and fees at both public and private universities have been steadily increasing, while some higher-education institutions are cutting financial aid, reducing class offerings or even freezing enrollment because of state and federal-funding shortfalls. In March of this year, California State University announced that it will not accept new students at 15 of its 23 campuses for the Spring 2013 semester. They will also be forced to place all applicants on a waiting list for the following Fall semester after a $750 million funding cut.
Pell Grants and Stafford loans, scholarship money offered by the federal government to lower-income students, have not kept pace with the cost of tuition. In the past, families would take out second mortgages on their homes to pay for college tuition, but more families can no longer do that in the face of high unemployment, a weak housing market, tighter credit and an overall uncertain economic climate.
Technical schools are a point of interest as students in Germany, with a technical degree, are making as much as students who have completed four years of higher education. In an article in the New York Times, David Segel states, “a generation of J.D’s face the grimmest job market in decades. Since 2008, some 15,000 attorneys and legal staff jobs at large firms have vanished.” He goes on to point out that “with corporations scrutinizing their legal expenses as never before, more entry-level legal work is now outsourced to temporary contract employees in the United States and in countries like India.”
If you are a graduate with mounting debt or if you are a student about to enter college, we encourage you to consider an interest-free, education loan from Jewish Free Loan. You may find out more by visiting our website jewishfreeloan.org or by contacting us at 602.230.7963.
Graduate students, if you are aware of current events you may have heard of the recent debt ceiling deal. This deal will make students pay more for their education. A recent article in the Arizona Republic stated, “The average graduate student will pay about $7,000 more over the life of the loans as a result.”
Jewish Free Loan provides interest-free loans for education. If you know of an Arizona graduate student that could be affected, please advise them to contact Jewish Free Loan. Call 602.230.7983 or visit jewishfreeloan.org to download an application.
Contact us today! Our deadline for education loans is November 1st. Education is an essential ingredient in our ever-changing economy. We want to assist today’s students succeed with the least amount of stress related to funding their education.
Yes, it’s that time of the year when the temperatures keep rising daily and residents who aren’t on vacation can get a case of the ‘blahs’. Despite the heat, let’s grasp the opportunity to do something worthwhile this summer! Let’s take inventory of our lives to identify gaps we could fill. Do you believe you should upgrade your education by going back to school for a higher degree? Does your business need some upgrades to become more viable in this marketplace?
Once you identify where the gaps are, then you can start working on a plan of action. Filling some of these gaps may require dollars that you have not budgeted for. That is the perfect opportunity to contact Jewish Free Loan. Call us at 602-230-7983 for information about our interest-free loans. We can help you turn your case of the ‘blahs’ into a true action plan that can bring you dividends in the future.
Jewish Free Loan is here to assist you! We adhere to a strict confidentiality policy and can support you with the funds you require. Being smart this summer means taking action today!
There is a new phenomenon occurring, youth in debt. Roughly half of households headed by someone under 35 years of age have credit card debt. The main challenge they face is student loan debt. It poses special problems because this debt can’t be eliminated by bankruptcy.
“They follow someone around for years like a zombie,” Russ Wiles states in a recent article in the Arizona Republic business section. He points out that, “heightened financial literacy can’t do much to correct a tough job market, but it can ease problems tied to overspending and debt.” One vital aspect of any financial literacy program is to understand the interest you are paying on your debt. Consider a different option; you can consolidate debt at no interest with a loan from Jewish Free Loan. This may make more sense once you evaluate your particular situation.
If you are young and in debt or know someone who is, please encourage that individual to visit our website at jewishfreeloan.org, where they will find a loan application to complete and fax to our offices to get the process started. A better night’s sleep begins with help from an interest free loan from Jewish Free Loan.
When I was at a doctor’s appointment today, he asked about the student loans offered by Jewish Free Loan. He has a relative that lives in another city and wanted to encourage them to use their local Jewish Free Loan organization. “Interest-free?”
When I assured him it was, he then asked what our payback rate was. I told him it was 98%, and he was shocked. “Well, it sure beats a bank loan, right?” It certainly does.
We are reading more and more articles about young people graduating from college with a great deal of debt, and high interest rates on that debt. You are giving students sound financial advice when you suggest they contact Jewish Free Loan regarding an education loan. There are only 14 days left to apply for the fall semester. You are doing a good deed when you tell a Jewish friend or relative that has a student going to a university about interest-free, education loans at Jewish Free Loan. If they are Arizona residents, suggest they visit our website at www.jewishfreeloan.org to learn more.
We must find ways to instruct students about finance, credit and interest before they attend college so that if this is the first time they have access to a credit card, they understand what interest means and when they are applying for loans, they are familiar with interest rates. There are many examples that come up everyday that provide opportunities for learning. It is never too soon to begin the process of teaching.
A college student who has an educational loan with Jewish Free Loan took friends to do activities in a nursing home where they played cards and gave the seniors manicures. She also helped build an irrigation system for a local children’s center. Another student attending a university in Israel and worked on The Association for Improvement of Women’s Status in Israel. This association aids Bedouin women in Negev with writing grant proposals. These proposals are referred for educational economic projects that where eventually established.
These are just a few examples of the tzedakah projects students with educational loans have developed. A single request is asked of each student when they receive their loan. That request is to participate in a tikkun olam project at their school or community. If they wish to continue to receive ongoing funding of their loans, they must also maintain a passing grade-point average.
Much is being written today about the “Tiger Mom” and her method of strict parenting. A lot of people wonder how Chinese parents raise such stereotypically successful kids. http://today.msnbc.msn.com/id/41005969/
We are waiting for the Jewish mother interested in college education. We look forward to her children explaining her culture, and it being passed on to future generations. Anyone out there want to take a crack at it? If you do, please add a paragraph or two explaining the importance of being involved in a tzedakah tikkun olam project, as well as an explanation on how that is part of our cultural heritage. Give your part in the “Repair of the world,” one project at a time.
