Is A College Education Too Expensive For American Middle Class?

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It is a real blow for the American middle-class when college costs soar and incomes barely increases to keep up with it. With out of pocket expenses of a good American college education increasing faster than incomes, middle and low income families are rethinking sending their kids to college.

Tuition fees at public universities have gone up by 130% in the last two decades, while middle class incomes have remained stagnant. In 1988, a public university charged $2,800 for tuition and fees for a four-year course, but by 2008, the figure had risen to $6,500 a year. Sadly, incomes didn’t keep pace with this increase or an American would have been earning an average of $77,000 a year by 2008. Instead, it was $33,000 on average. At that time, federal aid of $23,000 was available to students for a four-year degree. Now, students bear most of the financial burden of their education.

In the face of this, two trends can be seen: either families are taking on huge amounts of debt or are reducing their child’s education to two years instead of them studying for four. There is a good side to student debt, as the education a student receives is seen as a stepping stone to a better tomorrow.  This is because there are more jobs available to college graduates—in fact, they can earn $1 million more throughout their lives. However, the flip side of this is that they start life with a huge loan hanging on their heads, sometimes averaging $23,186!

According to experts, half the number of graduates will take 20 years to repay their loans. This means they won’t be able to buy a house, save for retirement, or create a fund for their children’s education. To avoid such a scenario, families are entering their children into two-year degree courses. This leads to them getting fewer job skills at a time when employers are looking for more from them. Because they lack these necessary skills, unemployment rates are high and companies shift their jobs abroad where wages are much less.

This new trend of the middle class seeking two-year degrees is a deterrent to America competing in the global economy. In the domestic scenario too, this does not augur well. Now, the richest Americans continue to grow their money phenomenally while the poor are stuck where they were. In order to compete in the global knowledge economy, U.S. needs undertake some education reforms and make college education accessible to more people.

 

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Understand How a Payday Loan Can Work For You

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Most people are aware of the name “Payday Loans”, but they might not quite associate them as the same thing as fast cash loans, payday advance loans or cash advance loans. The names are many, but the result is the same – easy, fast cash to be paid with your next paycheck.

Most of these loans are unsecured, in the nature of short-term loans, charging an amount that is referred to as finance fee. There are no specific rates of interests for these, but the finance charge that is charged may range from 10% to 30% of the required amount.

If you do some shopping, you should be able to find a lender who offers a cheaper rate. However, you should note that sometimes lenders who offer a very cheap rate, often have other fees tacked on to the loan.

It is wise to read all fine print and ask lots of questions so you understand exactly what you might be getting into with that lender. Sometimes the cheapest rate advertised does not end up costing you less money in the long run.

There are many reputable lenders out there that will advertise clearly and be very helpful to you when your questions arise. You might be wonder when you would need a payday loan and why it would be the best option for you.

Some examples are explained here: When you are facing sudden cash crunches and in need of immediate cash, payday loans are considered to be the best. It is quite easy to obtain this loan, with very few legal requirements.

The borrower is just required to be of 18 years and working at a monthly salary of around $1,000 a month. Usually when you are facing an unexpected circumstance, you have no time to pull together numerous pieces of documentation to present and then wait for approval.

So when the need is urgent the conventional way of borrowing with processing may not be the right option. In such a case payday loans can be a great relief to you and you can apply for these loans and get them transferred in our accounts without much work on your part.

Applications for the loans can be filled out online, and the money is transferred into your account in a few short hours. 3. There are many people who either have bad credit history or don’t have it at all.

In such cases, banks and financial institutions do not provide loans easily, besides the extra hassles of documentation and the many forms that are required to be prepared. In this case, payday loans are the much better option for you.

In order to obtain the best payday loan, good market research is required. This would include either making phone calls to local lenders and asking about their rates and fees, or you could look on the Internet and line them up side by side to compare.

There are many ways that a payday loan can help you. For instance, if you need urgent car repairs done but don’t have the money right now, you can always avail a loan to get you cash and get your car fixed.

Sometimes you might need medical treatments or medication that you need money for. Perhaps your water heater went out.

If you have a bill due that cannot be negotiated to a later date, you can use the funds from your payday loan to pay it so you aren’t delinquent. Sometimes rent is due with no grace period and due to where your paydays fall, you can’t get your rent in until a few days after it is due. Payday loans can help in that situation as well.

There are many reasons people avail these kinds of loans, and it really doesn’t matter what your reason is. But it is wise to use them in urgent financial situations instead of just for fun.

The last advantage to acquiring a payday loan is that you pay it back within the term you agreed upon. Most lenders will allow a loan extension but they charge high fees to do so, and then you will be paying interest on the loan for longer.

You must know and have a plan on how you are going to pay the loan back before you even get it. If you go into this contract without such a plan, you could find yourself up a creek later on.