Why do banks require the students to pay off the loans?
It feels like mortgages and other kinds of lending bring sufficient profit to them..
The student loans constitute the banks’ income in a large proportion and that’s why they cannot let the students not to pay the loan debts. It is better to ask why the student loans can’t be regarded as the financial ruin?
The majority of people take borrow money from the banks hoping that they will be able to cover their debts after the graduation because they believe they’ll find a good job with their diploma. If the government would allow all the students to be relieved from the loan debts, the banking system would collapse in a short time.
The transformations in the system adopted by the government recently have already made the credit situation worse. I hope they will not repeat their mistake ever again.
That’s way the middle class population diminishes.
The profit the banks obtain from the loans interests is their principal motivation. So why would the banks let you to have their money for free? There is also one more thing – plenty of people would never have graduated college without the bank loans.
I have successfully covered my student loan debts within the 10-year period. So, I don’t see why anybody else can’t do it. However, my loan wasn’t that big, I had a scholarship and was financially supported. But my first salary was low, and it as troublesome to pay off.
The modern students borrow too musch money, and I consider it irrational. If you can’t afford education at an expensive university then you probably need to find another one that would be much suitable for you in terms of finance.
For the same reason the banks require people to cover their mortgage debts. The banks just perform their function in the system. Without them the newly built houses would stay uninhabited and ruined.
It may seem cruel but it’s true.
It’s impossible, because all the people would borrow money from the banks. I have to cover the loan by myself so I constantly refrain from going on vacation or buying the expensive things.
But it totally worth it because I don’t want any debts.
When a person can’t cover the mortgage debt, the bank simply takes away the house from her.
But the education can’t be taken away from anyone.
It’s not the banks, it’s the government.
The bank staff also needs to earn somehow. When you decide to go for a loan, you automatically accept the obligations. For example, when you want to get something in a shop you can’t just take it for free
It’s everyone responsibility to pay out. If you need a higher education, you will pay your debt in any situation. For years, I worked in daytime and studied at college in the evenings. For me, the debt is a matter of choice.