Was reading about more disturbing news about how college debt problem could become a huge catastrophe, as big as the home mortgage crisis. Students are not the only ones suffering alone. Their parents will suffer the most especially those take out loans for children or co-sign loans will find it more difficult to pay up as they stop working and their income declines. According to the Project on Student Debt, the typical college student is graduating with an average debt of $25,250. Those that end up going to grad schools rack up even more loans. Loans that parents have taken out for higher education has climbed 75% since the 2005-2006. Parents owe an average of $34,000 in student loans and that figure rises to $50,000 over the standard 10-year repayment period. William E. Brewer Jr., president of the National Association of Consumer Bankruptcy Attorneys has warned “”Take it from those of us on the frontlines of economic distress in America, this could very well be the next debt bomb for the U.S. economy.” So students start looking for ways to make multiple streams of income, wear a hardy work ethic, be on a strictly saving diet and star stashing away a lot of cash for higher education. Visit www.flipgigs.com and start posting services today! Make a small step towards your long term plan to be debt free.
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