Student Loans are Treacherous
Student loans can be very treacherous to navigate. The average student has to take out loans in order to afford the cost of their college education in full. There are very few students who are able to pay out of pocket in order to fund their college education or masters education. This means that all of these students have to go through the process of qualifying for student loans and then for repaying them over time.
Paying Back Loans
Yale graduate Alexander Djerassi knows that student loans are not easy to pay back. They often include high interest rates. The average student takes out loans for the majority of their education. This means that all of the funds that they use in order to fund their education then have to be paid back at some point in the future.
Many students look to their future careers in order to fund their student loan payments. The student must be able to utilize their education in order to leverage them into a position that pays enough to pay back student loans. This is a difficulty in a competitive job market.
High Interest Rates
Student loans often incur high interest rates. This is because they are federally funded for the most part. These interest rates make it harder for the students to pay back their loans after time has added up.
High interest rates mean even steeper payments for student loans. As the interest rate increases, the payment that the student must make on the loan increases, as well. These interest rates make it even more difficult for students to be able to get rid of these loans once and for all.
Federal Loans
Most of the major student loans that can be taken out or taken out from the federal government. These federal loans can incur significantly high interest rates. They also allow the student more time to pay back their financial aid funds.
These federal loans must be paid back just like any other type of loan. Luckily, these types of loans are often given more time to pay back than other types of loans. This makes it a bit easier on the student.
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Alexander Djerassi is interested in helping students receive grants and avoid having to pay for student loans. His mission is to help with scholarships and give students the opportunity to gain the money needed to go to college.