This article was first published in Islamic Finance news Volume 17 Issue 3 dated the 22nd January 2020.
Aliredha Walji, Vice President, USA, shares some alternatives to student loans in US, in this article to Islamic Finance news.
Student loans, arguably one of the highest costs incurred after paying a mortgage, are one of the most challenging financial issues affecting US society today. According to The College Board, parents of a toddler can expect to pay more than US $172,000 for four years of tuition, fees, room and board at a state school or more than a whopping US $390,000 for a four-year degree from a private college. Add additional years of schooling and you increase the debt figure.
Graduates who should be excited to apply their knowledge and skills in the workplace not only find it hard to get good paying jobs, but also have to carry around debt — along with having to pay high amounts in interest — for decades. Over 44 million Americans have outstanding student loan debt totaling over US $1.5 trillion