College student loan debt has surpassed traditional credit card debt as the number one financial issue for millions of Americans.
Farmington Hills, Michigan (PRWEB) December 30, 2014
According to the NY Federal Reserve Bank and The Consumer Financial Protection Bureau, there is approximately $1.2 trillion in college student loan debt in America. Articles have been written about the trillion dollar figure, but GreenPath Debt Solutions is creating what it calls "an army of advocates" through its website http://www.solvecollegedebt.com. GreenPath says this group is devoted to solving the problems associated with student loan debt and reports that the site is gaining momentum.
GreenPath President and CEO Jane McNamara says,"The site was launched to garner support and find ways to help graduates avoid the student-debt straight jacket. GreenPath is helping citizens who are feeling the pinch of college student loans. The problem is real.”
College student loan debt has surpassed traditional credit card debt as the number one financial issue for millions of Americans. “As it stands now, we saddle students with debt and then unleash them into the world without giving them the basic tools to manage their money and debt load,” McNamara stated. “Simple money management techniques can often make the difference between keeping on track with loan payments and defaulting on a loan,” she adds. GreenPath is working with legislators at state and national levels to address the issue of student debt.
GreenPath Debt Solutions, headquartered in Farmington Hills, Michigan, is a nationwide leader in credit counseling services. Solvecollegedebt.com was created to bring attention to the debt crisis and increase the dialogue about the consequences of student loan debt. “We can no longer afford to wait for answers on this pressing issue,” McNamara says. “We must work together to design solutions to see that millions of Americans are no longer saddled with long-term student loan debt.” She added, “Long-term debt can negatively impact credit histories and financial futures.”
“Our site encourages people across the nation to advocate for solutions. We need help to encourage colleges and universities to partner with GreenPath to make a difference,” McNamara says. The goal is for colleges and universities to partner with GreenPath to better prepare students for the financial obligation that hits them upon graduation.
According to McNamara, “Students who are better prepared to face debilitating debt are better prepared to face adulthood. Student loan debt can cause a domino effect on a person’s future net worth. In order to pay back student loan debt some people take on more debt to help with household living expenses. GreenPath wants to help college students achieve a successful financial future while reducing delinquency and default rates.“
Since 1961, GreenPath has been a non-profit leader in debt management and financial education. In partnership with universities and community colleges, GreenPath plans to become an important resource for college students who want to prepare for a successful financial future.
More information about debt management in general is available at the non-profit site http://www.greenpath.com