Overcoming Student Loans and Getting Out of Debt

Making an investment

It is an unfortunate, but honest, truth that receiving a college education is currently a sentence to live in debt for some amount of time. While it may not be as long for some, others may find themselves under piles of student loan debt. As of yet there is no sign of this slowing down.

To make matters even worse, one of the only ways to payoff their deficits is to get a full time job. However, finding a position in recent years has been more difficult than most can remember. This terrible irony leaves graduates working dead end jobs, or not job at all, deferring their loans and incurring overdue fees.

Overall, student loan debt has climbed from an already substantial $1.21 trillion, to a whopping $1.3 trillion just from 2014 to 2015. This may not only entail recent graduates; even adults have found getting out of debt to be practically impossible. However, more recent graduates are looking at higher tuition costs than ever before.

According to College Board, the average cost of tuition and fees for the 2014 to 2015 school year amounted to $31,231 at private colleges, and $9,139 for state residents attending public colleges.

Fortunately for a lucky few, getting out of debt may be made much easier after finding themselves on the receiving end of lottery winnings or money from a lawsuit. Usually this money is paid to the recipient through an annuity settlement. Annuities are available in varied lengths and payout periods. The two most common are paid in installments over the span of 25 years, or even until death.

However, if these people need extra cash for getting out of debt, they may choose to sell structured settlement payments in exchange for a lump sum of money immediately. Once they are relieved of the mountain of debt suffocating them, they can begin to build the life they really desire.

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