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Here's Why Student Loan Debt Isn't the Real Millennial Horror Story

We’ve all heard the terrible tales of millennials struggling in the job market and questioning whether the cash they (and their parents) plunked down for college—and the mountains of student loan debt they accumulated—was worth it. As disappointing as it might be to be living back home with Mom and Dad, those underemployed, degree-holding millennials between the ages of 25 and 32 aren’t the only folks struggling financially. Most of their peers only have a high school diploma, and they’re having an even tougher time making ends meet.

According to a recent ;Pew Research Center report ;on the long-term financial downside of not going to college, two-thirds of millennials in that age group don’t have a college degree. As a result, 21.8 percent of millennials without a bachelor’s degree are living in poverty. Meanwhile, a comparatively small 5.8 percent of their peers with degrees are impoverished.

“There’s been a lot of attention paid to the adversities facing college-educated millennials, but generally the college-educated young adults, they’re doing better than earlier generations of college-educated young adults,” Richard Fry, the lead researcher on the Pew study, told NPR.

Fry found that college-degree-holding millennials earn about $17,500 more than those with just a high school diploma. Even though student loan debt is ;greater than America’s total credit card debt, and a job at a local coffee shop isn’t what most grads anticipated, plenty of evidence backs up Fry’s findings that a degree is still the best guarantee of a job and financial stability. A May report from the Federal Reserve Bank of San Francisco found that over a college degree holder’s lifetime, he or she is likely to earn significantly more than someone with just a high school diploma—about $830,000 more, on average.

“Although other individual factors might affect the net value of a college education, earning a degree clearly remains a good investment for most young people. Moreover, once that investment is paid off, the extra income from the college earnings premium continues as a net gain to workers with a college degree,” that report’s authors wrote.

Folks who only graduated from high school are also more likely to not have a job at all.

The ;Bureau of Labor Statistics‘ August 2014 unemployment data revealed that 6 percent of Americans with only a high school diploma are unemployed. Only 3.6 percent of Americans with a bachelor’s degree or higher are unemployed.

“Among the less educated, it’s not simply that they’re trailing behind their college-educated counterparts; it’s that they’re doing worse off than earlier generations of less educated adults,” Fry said. ;

That means that if today’s millennials without a degree don’t find the money and time to go back to school or enroll in job training or vocational courses, they are more likely to be jobless and have fewer financial resources throughout their lifetime. ;

Related stories on TakePart:

10 States Where Colleges Will Make You Go Broke

5 College Majors With the Lowest Unemployment, and 5 With the Highest

10 Amazing Millennials Who Are Saving the World

Original article from TakePart

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Apply for Easy Payday Loans Online | Payday Loan

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These are tough economic times for everyone. Unemployment levels remain high, foreclosures are on the rise, and the outlook is still pretty grim. Even those of us who have managed to hold onto their jobs for a little while longer need help making it from paycheck to paycheck. If you’re anything like me, you’ve hit up relatives and close friends for cash a few too many times and want a different option to help make ends meet. That’s where easy payday loans come in.

To get this type of loan, you generally just have to prove that you are currently employed. This can be accomplished by sending in copies of your last few pay stubs. Then you simply fill out some paperwork, and perhaps submit a post-dated personal check for the amount of the loan (plus interest), which the lender will then cash on the appointed day. The whole process is quite quick and simple, which is why these are called easy payday loans.

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You used to have to go to a currency exchange or similar kind of place in order to get a loan like this. That was a hassle to many folks because of the need to have transportation and because those places were often in rather shady neighborhoods. But now it’s possible to get easy payday loans online, which is of course far more convenient. You just go to a website that offers easy payday loans, fill out the online application, and, if approved, get the funds electronically deposited in your bank account on the next business day. The loan must be paid back the next time you get a paycheck, or you can get an extension by agreeing to additional fees.

The fees associated with easy payday loans are something you definitely have to watch out for. These can add up very quickly, so if you don’t think you can pay back the principal amount on time, then you might be better off not applying for the money at all. This kind of loan also comes with high interest rates attached, which again works out to a pretty bad deal if you can’t repay in a timely fashion. However, if you are 100 percent sure that you will be able to cover your debts on time, then easy payday loans can really be helpful. I know people who have borrowed money to make emergency car repairs to allow them to continue going to work. In a case like that, it’s hard to argue against taking out a loan.

If you find yourself in a financial bind and need just a bit of a crutch to get you through to your next check, then you should consider applying for easy payday loans online. This is a reliable way to get economic assistance you require without having to beg from your family and friends yet again. As long as you don’t let yourself get overwhelmed by the fees and interest charges, this could be the right move to make.

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Unsecured Loans For People With No Job – A … – Payday Loan

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Unemployment is a package of problems and invitation for huge dilemmas. The person who amasses money for the future can crack his hard days successfully but, the person who is fully out of cash, faces bulk of conundrums. It is true that to collect the money for upcoming days is not easy as many expenses take place everyday and sometimes it becomes to difficult to handle them that time even, so how it is possible to save cash for rainy days also. If you are also one of those people who are in search of job and facing problems to meet your daily expenditures, you can take the help of Unsecured Loans for People with No Job. These loans may prove a boon for you as these are specially designed for those unemployed people who are in a fix regarding loans and cash advance schemes.

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All the terms and conditions of Unsecured Loans for People with No Job are favorable for unemployed people. They have no need to pledge valuable articles as collateral against the loan amount as the lenders understand this thing very well that unemployed people already remain tensed and do not want to have any risk of pledging the belongings and some borrowers may not have any assets and property to pledge against loan. So, the conditions of pawning is utterly eradicated for these loans, that is why these loans are called Unsecured Loans For People With No Job that means lenders grants the cash to unemployed applicant without any security.

Bad credit history holders also can make the most of Unsecured Loans for People with No Job because lenders of these loans do not check the credit background of any borrower. Lending company requires very small and easy criteria from borrowers to make them eligible for loans. The criteria for the loan are given as under:

Applicant must be 18 or more of the age.
He must posses an active checking account minimum six months old.
He must be the citizen of USA.

If you are eligible for loan, you just need to fill an online application to for the approval of the loan and as soon as form is verified by lending company, amount will be transferred in your bank account on the same day when you apply for it.

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Loans For Unemployed – Simplest Way to Cater All … – Payday Loan

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Unemployment is the biggest curse for anyone. If you have no source of income then how can you meet with your expenses on time? This is the question which every unwaged people face while they are troubling with emergency cash problem. If you are fed up with this thing and looking for a feasible financial option for you then freely consider loans for unemployed. With assist of these loans people can grab funds without faxing any income proof and other documents to the lender.

With assist of these loans for unemployed you may fetch funds in the ranging from £1000 to £25000 with the repayment term of 1-10 years. The cash range is also dependent on your needs, payback ability and financial standings. But, if you really wish enjoy the benefits of this service then timely repayment is really helping you a lot.

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Loans for unemployed people are available with numerous benefits like no collateral pledging, credit free application process, no faxing or paperwork is required, online application facility, electronically transfer your money and so on.

Therefore, all kind of credit borrowers including bad credit people, tenants etc. may apply for these loans and grab quick funds without facing any delay and embarrassment.

Further, there is no restriction over the usage of loan amount. You may spend the funds as per your requirements such as paying previous debts, pending household expenses, and huge grocery & electricity bills, furnish your home, car repair, plan a holiday trip and so on.

Moreover, due to its risky nature the lender may impose you with higher rate of interest. However, you can diminish the price quote by making valid and proper online research.

Presence of online application makes the entire loan applying and approving process easier and swifter. No requirement to leave the comfort of your home only a PC with internet connection is required to access the online process. Just fill out an easy form with mandatory details and submitted the form online. Within least span of time the cash will get transit in your bank account. Now, get quick funds despite of your unemployed status.

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Cash Loans For Unemployed – Ideal Alternative For … – Payday Loan

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Are you a jobless person? Cash loans for unemployed can give you monetary help to meet your unexpected misfortune. Situations may be in the form of paying your son’s education fee, wedding expenses, and festival expenses, debt consolidation and accident emergency, etc. in all such mentioned circumstances you can take these loans without any hassle.


? These loans are very powerful help for people who fight with their problems due to their unemployment.

? Lenders allow these loans in two format secured and unsecured. Secured format offers cash help after taking the security. So if you have any property like home, car, etc. to pledge, go for this option only.

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? Lenders allow the amount up to £75000 depending upon your collateral value. The time period will be around 5 to 25 years to repay the amount.

? However, if your requirement is small, no need to go for secured format. You can go for unsecured format for small money. The second benefit is that you do not need to pledge any thing for getting the cash.

? Lenders allow the cash without worrying about the security in between £1000 to £25000 for the time period of 1 to 10 years.

? There is no credit check process. People having tags like default, late payment, CCJs, or bankruptcy, etc. can easily apply for these loans.

Cash loans for unemployed come with high interest rate. However, due to heavy competition, you can get the affordable plan. For taking the surety, lenders keep some conditions that are essential to fulfill.

? You must be UK citizen.
? You should be 18 years old.
? You must have a bank account.
? Residential proof is also mandatory.

Applying procedure:

Online application is the finest alternative to get fast endorsement of these plans. The applicant has to file an application online once he selects the lender. It’s all done online so you don’t need to come outside for that.

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Student Loan Debt In The United States | Payday Loan

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The nation is still feeling the effects of the Great Recession even though economists report that it is over. Unemployment rates still hover at around 9 percent, the economy is the number one issue of concern for more and more Americans and political pundits are predicting a tough reelection campaign for Barrack Obama if things don’t change quickly.

One major sector of the country that is taking a major hit is students who graduate from a four year college burdened by debt just as they enter their careers. And with the economy being the way it is, many students can’t find jobs or jobs that pay well, so the debt becomes even more of a burden that can last for years. Many graduated students may find themselves having to default on their loans. That is not a very good way to start one’s adult life.

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The average cost of a public four year college for a student who lives in-state is $7,605 a year. The average cost of a public four year college for an out-of-state student is $11,990 a year. And the average cost of a for-profit four year college is @27,293 a year. And that’s for the classes and room and board. There are other costs to attending school that are not covered. These include indirect costs like books, supplies, travel, personal expenses, eating off campus and more. All adding to the burden of the student.

As a result, many students graduate college with a student loan debt of $20,000. This is said to be a 108 percent increase in just 10 years. Even students who graduate from a two-year tech school find themselves with a $10,000 debt. In addition, graduate students who are trying to get a law or medical degree are being saddled with debts of as much as $100,000. It is said that the earning potential in the fields of medicine and law are directly relative to their debt. Yet these graduated students begin their careers doing so called grunt labor as residents or as aides to established attorneys. One can’t expect to make enough money to attack the debt early with jobs like that.

The U.S. Department of Education has recently released a report that says that recent student loan default rates are up close to 2 percent from the previous year. According to the report, for every student who graduated and who started paying a loan as of October 2008, 8.9 percent were not paying their loans by the end of 2010. That is an increase of 7 percent of students who have stopped paying their loan in comparison to 2007.

Some who have knowledge of this issue say that one major reason this is happening is that students who are getting the loans just don’t understand the loan process. In short, they are 18 year old financially illiterate high school graduates who don’t know how to finance their education. As a result they take out costly and confusing loans.

A major topic at a recent conference of the Florida Association of Student Financial Aid in Naples, Florida discussed ways to educate students about borrowing money. Moreover, the process of getting a student loan is becoming more difficult. It is being reported that fewer students of need are able to get Pell Grant loans because the current economic situation and the resulting tighter budgets are causing groups like Pell to offer less loans. States are also feeling the crunch. For example, in Florida, the Bright Futures scholarship program has had to reduce the scholarships it provides. Students in the top tier of recipients will get $3,030 next school year for a 30 hour course load. That is down 19 percent from the previous year.

And all of this is about to negatively impact the schools. New federal government rules just announced may cause many colleges from access to student aid money as part of a so-called crackdown against schools who are leaving their students high and dry with too much debt and doing nothing to improve their job prospects. The new rules include regulations that for-profit schools have to meet to get access to federal financial aid money. If graduates owe too much of a percentage of their income or too few graduates of a given school are paying back their loans on time, then that school could lose access to Pell grant money and other federal student aid. The result of this is that schools effected will have a more difficult time attracting students. This could be a major hit for a school because it is said that as much as 90 percent of a school’s revenue can come from government aid. According to the new rules, schools will be able to receive federal financial aid if at least 35 percent of its former students are paying back their loan. Moreover, the estimated annual loan payment of a typical graduate must not be larger than 30 percent of the graduate’s discretionary income calculated to be 12 percent of his or her total earnings.

Many believe that such rules will make it more difficult for minorities and students from low income families access to funding options and thus limiting the schools that they may be able to afford to attend.

There are grant programs available which will prevent a student from falling into the debt trap. There are grants available that are categorized as Student-Specific, Subject-Specific, Degree Level and Minority. Common sources for grants include the federal and state governments, colleges and universities, and public and private organizations.

Federal grant programs to check into include the Pell Grant, the Academic Competitiveness Grant, and the National Science and Mathematics Access to Retain Talent Grant. State grants include state administered grant programs. For example Michigan’s grant programs are designed to assist a cross section of students including general undergraduates, academically gifted students, low income and non-traditional adult students. Florida offers grants for the disadvantaged, disabled, Hispanics and “academically talented.”

Minority organizations also offer grants. There are African American Student Grant programs, Hispanic Grant programs, Native American Grant programs, and Asian-American Grant programs. There are also grant programs for women.

Moreover, there are groups that offer grants in a wider general category including Low Income and Disabled Students, grant programs for graduate students and doctoral candidates, grants for undergraduate students, and grants for military students and families.

Finally, there are subject specific grants, grants to get an education in a high need field like healthcare and teaching.

In conclusion, if you are in need of financing to go to college or graduate school, learn about the student loan process before you jump into it and, once you have a good idea how things work, research and study options including grant programs which provide you with money you are not expected to pay back.

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Payday Loan Business: No Credit Check Payday Loans – A Quick …

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A more detailed look at the banking industry today reveals that banks have cut their lending activities significantly and have made the qualification criteria harder to meet. Recent financial crisis caused many borrowers to slip on their payments due to higher unemployment rates and increased number of pay cuts. Statistics reveals that more and more consumers experience worsening credit, making it difficult to meet stringent requirements set by banks and lending institutions. People with average credit scores, being able to qualify for unsecured bank loans from banks previously, face nothing but loan rejection today. Despite the negativism that recession brought, small cash loans are available to all credit grades in form of cash advances and payday loans.

Payday Loans Are A Great Way to Cover Cash Shortages

While such loans feature shorter terms, typically not exceeding several weeks, and higher interest rates, they may be of great help to borrowers looking to cover some gaps in their budgets. While such should not be considered as a long-term financing solution, they offer unparalleled benefits when cash is needed urgently to pay overdue bills or to cover unexpected spending. While payday loans are usually due the next payday, the duration may be extended as long as the interest charges are paid on time.

Some loans may even feature durations as long as two or three months. It is not advisable, however, to utilize payday loans without acute financial need and to borrow only the amounts needed, as payday loans have very high borrowing cost. In addition, in some states, laws limit the maximum duration of cash advances, as well as the number of times a payday loan may be extended. Many borrowers get around such laws by paying off older loans and taking out new ones.

No Credit Check Is Required

Payday loans are not credit based; therefore, credit check is not required and almost never performed by cash advance lenders. Payday loans are issued in exchange for a postdated check or and electronic withdrawal authorization, allowing the lender to collect the loan repayment from the checking account of the borrower on the due date. That is why, if a borrower has a valid checking account, such loans are granted right on the spot. Some lenders require proof of steady employment and income while others only endorse the requirement of having a checking account.

Application Process Is Fast and Easy

Payday loans are gaining popularity and are easy to find. Payday lenders may be found by performing a simple search on the internet, or by visiting lead generation websites that bring the lenders and borrowers together. Such websites have solid databases of lenders and may help you to save a lot of time on research. In addition, since loan requirements and terms differ from lender to lender, you may be able to find a loan that matches your needs in terms of amount and duration, as well as to save some money on interest by selecting from multiple lender offers. While some of the lenders may approve you for higher amount than you might have originally expected it is important to borrow wisely and to repay on time.


Payday Loans May Include Baloney Sandwiches | Sheffield Gazette …

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Most loans are for necessities not emergencies

Recent changes in the law leaves the door open for overly aggressive tactics and creates new risks for borrowers who fall on hard times.

One reason Chicagoan’s should steer clear of small dollar, short-term payday type loans is because they can “get you a baloney sandwich in jail,” says Attorney John Lag, Adjunct Law Professor at John Marshall Law School.

If you don’t show up for a hearing, a judge can find you in contempt of court for failing to show up and issue a warrant for your arrest, according to Professor Lag, who teaches Alternative Dispute Resolution in the law school’s new LLM degree program.

The Payday Loan Reform Campaign

The Campaign for Payday Loan Reform began in 1999, shortly after a poor woman came to confession at Holy Name Cathedral and spoke tearfully of her experience with payday loans according to Co-Director Lynda DeLaforgne of Citizen Action Illinois— the state’s largest public interest organization.

Monsignor John Egan assisted the woman in paying off both the loans and the interest, but his outrage towards the unscrupulous lenders had only begun. He immediately began calling friends, organizations, and associates to try to challenge the financial predators.

“Let me be clear,” said DeLaforgne, “we worked for 10 years to pass a state law on payday lending to crack down on the worst abuses and that law went into effect in March 2011. It’s in effect now and we are still getting back initial data to see how it’s working.”

Predatory Financial Services Leads to Instability

Predatory financial services like payday loans are also on the radar of Chicago Mayor Rahm Emanuel who, in December 2012, issued a press release stating that their business practices lead to higher bankruptcy rates, higher crime rates, lower credit scores, and overall financial instability.

Last year overly aggressive debt collection tactics of having borrowers arrested in small dollar consumer debt cases garnered the attention of both Illinois Attorney General Lisa Madigan and Governor Pat Quinn.

As a result, the law was changed to mandate personal service (or abode service) before a warrant can be issued and a borrower jailed for non-payment of debt. But is the personal service mandate really enough protection?

The Changed Law Is Oppressive

Unfortunately, the new law which was supposed to protect the consumer also included a newly required income and asset form “which is really oppressive” according to Professor Lag.

“Now, you have to give them income and asset information, it’s really unbelievable—it’s like identity theft 101,” said Lag.

Problems with the newly mandated income and asset form include:

• Judgment debtors are required to disclose birth date and specific banking account information; • Judgment debtor’s financial disclosures may become public record;

• Judgment debtors have no control over who obtains their financial information;

• Collection lawyers potentially could trade judgment debtor’s information with others in the industry.

“To me, it’s oppressive and if you don’t comply, they’ll hold you in contempt” and have you indeterminately held, explains Lag, with compliance becoming the key to the jail cell.

It’s a Cycle of Poverty

Christopher Vargas, a financial coach at the Jane Adams Resource Corporation sees the human impact of predatory lending on a daily basis. He helps individuals and families to improve their financial health and transition out of poverty.

Mr. Vargas believes that the practice of marketing payday loans as a short term solution “in reality becomes a long term problem that perpetuates the cycle of poverty.”

Supporting Mr. Vargas’ view is a recent study published by The Pew Charitable Trusts titled “Payday Lending in America.” The study found that the profitability of payday lenders depends on repeat borrowing.

Despite policy maker’s knowledge that the industry’s profitability depends on repeat borrowing and misuse of their financial products, these financial products continue to be marketed as short-term solutions for emergencies.

Vargas says, “In my financial education classes, I talk about solutions for short term financial needs and I cover payday loans.”

I have clients who’ve gotten payday loans and the reason why I learned about them is because I check their credit and I see those judgments. Vargas typically asks, “Where is this judgment from?”

“Well I got a payday loan, I wasn’t able to pay it” his client’s say. So he’ll ask, “What was the amount?” And they’ll tell Vargas, “Well it was a few hundred dollars.” In this reoccurring scenario Vargas asks, “How can it get to be so high?”

The clients who actually know about their judgments will tell Vargas about the interest and penalties and how creditors had threatened to sue them and that they couldn’t do anything so the loans became judgments.

Mr. Vargas also says, “that sometimes collection agencies use abusive tactics –intimidating tactics—and once legal action begins and ends in a judgment you have the possibility of wages being garnished” or worse. Vargas says, that “after a setback people have a difficult time trying to get their financial life back together.”

What Vargas sees, for the most part, are “people who’ve become unemployed or are underemployed and can’t pay their loans and also people who become homeless.” When people are forced to move or become homeless, not getting notice of a court date or a judgment can also be the beginning of a nightmare.

Judgments Can Still Become Arrest Warrants

Neither the Illinois Creditors Bar Association nor legal aid lawyers have actual numbers on how often people are arrested and jailed because they were unaware of a civil judgment that went to warrant.

Loans are easy too get and very difficult to end

A call and message left for Tinley Park debt collection attorney Kenneth J. Donkel was not returned, so it is not known how many, if any, of the more than 50 cases filed in Cook County on behalf of PLS Check Cashiers since January 2012, have resulted in default, warrant and then arrest.

Let’s start at Article I of the Constitution of Illinois, the Bill of Rights” began Lag. “The intent is to protect citizens from an overreaching government,” said Lag. “No person shall be imprisoned for debt unless he refuses to deliver up his estate.” So, while “they say there is no debtor prison, if you don’t follow the Court’s instruction then you can be put in jail” emphasized Lag.

Illinois Attorney General Lisa Madigan believes that it’s disingenuous for collection attorney’s to suggest that people are being jailed for contempt of court rather than being thrown into jail for a debt according to a statement given The State Journal-Register.

Being jailed for debt was outlawed in the 1800’s following an armed uprising, named after Daniel Shays, a veteran of the American Revolutionary War who, with other war veterans, shut down county courts to stop judicial hearings for tax and debt collection during the post-war economic depression.

Most Judgments Are Defaults

“The mass collection people do schlock work generally” says Attorney Lag. “What you can find if you go through these cases is that there are massive amounts of misstatements and incorrect forms.”

“The vast majority of collection case judgments come by way of default” Lag claims. Many times the more aggressive collection firms won’t do much with the judgments until after 30 days. “Generally, they wait because they want to make the judgment more uncontestable” Lag says. “As a practical matter too, why do it if you want to collect the money?”

“So you can call it whatever you want, jail is jail” said Lag, who has practiced law here in Chicago for more than 30 years. “When the jail cell closes and you’re the one on the other side of those bars, you don’t care if it’s criminal or civil. You’re eating baloney sandwiches and can’t go home.”

Filed under: Metro, Payday Loan, poor, Poverty, Predatory Lending, Public Affairs, Unemployment

Tags: Cycle of Poverty, Debt Collectors, Identity Theft, judgment debtors, Payday Loans, poverty


Man Pays Off $114K In Student Loans — In Cash

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Man Pays Off $114K In Student Loans — In Cash

Alex Kenjeev’s Facebook Photo Of His Receipt Has Gone Viral

POSTED: 9:49 am MDT May 25, 2012

A Canadian man stunned loan officers when he used $114,000 in cash to pay off his student loans.

His Facebook photo of the receipt for $114,460 (US $111,350) has since gone viral.

Alex Kenjeev graduated from the University of Toronto in 2009 and found himself in a position to pay off his college debt after selling off a successful software start-up. He’s currently president of O’Leary Ventures, a company owned by Kevin O’Leary of ABC’s “Shark Tank,” ABC News reported.

Kenjeev said he thought it would be funny to pay off the loans in cash.

So he went to his local Royal Bank of Canada and asked to withdraw $114,460. His request was delayed for three days as bank staff collected and counted the cash, the Vancouver Sun reported.

“Their initial reaction was they didn’t want to do it,” Kenjeev told ABC News. “Then they said, ‘We can’t give you this much.” And I said, ‘What do you mean? I deposit my money here with the expectation that I can take it out. Is this not what banks have been doing for hundreds of years?'”

He received the cash in a small, window-less room in the bank.

Kenjeev put the stack of bills in a grocery bag and walked two blocks away to the bank where the student loan was held. Once again, bank staff had to be mobilized to count the cash, but eventually his transaction was processed and he walked out debt-free, according to the Sun.

“It feels good,” he told ABC News. “It feels like a weight has been lifted.”

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Arbor Realty Trust Reports First Quarter 2012 Results and Declares First Quarter 2012 Dividend

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