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At $1.2 trillion, student debt has surpassed credit card debt and car loans, and is nearly eclipsing mortgage debt as the leading cause of debt in America. As a result, college students are not completing their post-secondary education and graduates are having difficulty finding jobs with adequate pay. Many graduates of for-profit institutions are also struggling to apply their skills in a way that will help them pay off their student debts. But the effect does not stop there. Parents who are cosigners on their children's student loans are also taking a big hit to their credit, putting off retirement, and once again sharing their home with their adult children.
However, as the economy slowly recovers, and government scrutiny of for-profit institutions increases, the highly debated issue of student loans, has not yet reached "crisis status." Through well-researched and responsible borrowing practices, students and parents alike can work towards a more educated and financially healthy future.
If you find yourself struggling with student debt, get educated, and check out our top recommended student debt reconsolidation company reviews!