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America is currently in the midst of a tremendous economic crisis, with inflation reaching unprecedented and unanticipated levels. This has resulted in a tremendous rise in the cost of living which has made living a challenge to the general public and to the student population in particular as they have limited resources at their disposal…
In such a situation the rise in cost of essential items such as gasoline, electricity negatively impacts the quality of their studies.
For the greater majority of students, borrowing money from banks has become a necessity to fund for their college and university education. On average, students in the US now graduate with at least $21,000 in debt and in some extreme circumstances students graduate with $100,000 in debt or more. Tuition fees at private colleges and universities have gone up tremendously - far ahead of inflation.
Parents are losing jobs or their salaries are reduced as a result of the economic crisis. Thus the amount that parents can contribute towards their children's education is decreasing. This means that a greater number of students are dependent on loans for their college and university education. Every student who is currently attending or applying to college currently is horrified by what is going on in the financial markets. Things such as bonds for student loans are affected as a result.
There will be a direct impact on student borrowings that will most likely be affected by the current financial crisis. ...
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