During covid19 pandemic United states not only faced severe economic turn down but also, we piled up unemployment number, number of deaths, number of cases, number college dropouts and college education loan debt. With pandemic where local business is surviving on the mercy of government loans and stimulus protection plans, Universities are searching for students for classes. It will be very challenging to fill those empty classes and bring those college dropouts back to schools since parents are out of jobs and have priorities for rent and bread. Since vaccine is few weeks away and president administration is in transition the economic stability seems far away. With economic uncertainty people still struggling to pay their rent and bills it will be difficult for government to motivate students to go back to collages. Banks are already under pressure due to government giving flexibility of no mortgage payment, no education loan payment and no rent during pandemic for unemployed individuals.
From 2019 the average education loan debt for students was 33 to 37K during COVID 19 era this number increased up to average of 47K. Further cumulative figure of US education loan is now more than 1.6 Trillion and this number is sonly growing every minute with no repayment due to Covid 19.
Since we are struggling so badly with this huge debt it is very interesting to know how we accumulated such a huge debt. Few reasons are mention below
1. College dropout rate:
Students takes loan from banks to peruse further education and drop out form collage without completion of degree. If students don’t have bachelor’s degrees or master’s degree, they will not be able to compete for high paying tech jobs and thus end up working daily wages job with education loan debt growing every day.
2. Improper Financial planning:
Students pay only interest and delay payment of capital amount. As our age grow our responsibilities grow and we forgot about paying our education loan aggressively since we need funds for travel, new home, car, wife, kids and other.
3. Insufficient Job search consulting:
With technical degrees students still fall behind good salaries since they received no formal guidance on sectors / companies paying higher wages. How to negotiate for higher salaries, how to modify resumes and how to perform well during interview.
Freeducation staffing is a non-profit organization which help students to continue their education and avoid college drop out scenarios. Further we help students secure higher paying jobs with our esteem clients and donate all profit made from recruitment/ staffing toward education loan of consultants. We help industries find the right talent and share the profit generated out of recruitment toward education loan payment of consultants / employee we place at our client sites. Please reach out to us for career guidance, high paying jobs , secure career growth and work for some one who pays your education loan.