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Why Widespread Student Loans debt is worrying many people.

High loans and lower incomes, high monthly payments, income-contingent payment plans can help.

Most Americans who have attended college have taken a student loan in one form or another. And many are worried if they will be able to pay for that loan in their lifetime.

Some people have so much student loan that it now seems almost impossible to repay it and pay their other day to day bills at the same time.

About 20% of American Adults have student loan and the people who earn less than $30,000 are more worried about their ability to pay their student loans than those with higher incomes.

This is expected because the higher income you have, the more you are able to pay. However even some high income earners are worried about their repayment prospects because they may have a lot of money borrowed and their living standards are also expensive to maintain.

It is noted that Women are more likely to worry about student loans more than men. This is because women are more likely to pay family bills and hence are more aware of the families financial situation.

One way to reduce peoples worries about getting and repaying student loans is to reduce the requirements for them to enroll in income-contingent payment plans where one is only required to pay a maximum amount monthly based on their income.

This will help people have money to spend and also stretch their repayment periods and sometimes these Student loans can be forgiven after a certain number of years.


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