Law School Loan Debt to pass 1 Trillion?

on Thursday 21 April 2011
It is known that student loan debt is going to top one trillion dollars this year. One trillion dollars is a lot of money. At a certain point, the word “trillion” becomes useless. This is a huge sum of money were talking.
This is real money that is going to have to be paid back by students (with possible parental assistance!) The average student loan debt is approximately $23,000, and takes about 15 years to pay off. What this figure does not include is the accompanying credit card debt! As Mark Kantrowitz wrote in a Huffington Post blog article, “The proposed cut in the maximum Pell Grant would mean that 1.7 million low-income students would no longer qualify for the Pell Grant, almost a fifth of current recipients. The remaining recipients would have their Pell Grants cut severely.” What can we take from this? Don't take loans you cannot pay back. Also, it is advisable to have at least one source of income if you were given a healthy sum of loans.

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