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Over the last two decades, the average cost to receive higher education at public institutions has increased by more than three times and doubled for the private institutions. Almost 44% of the students who went to college took some form of debt to pay the staggering cost of tuition fee. Student loans are the most common options for borrowing funds to continue education, different forms of loans include home equity lines of credit, credit cards and other credit types.
The burden of debt is mostly on the younger generation and they have to manage their work along with the repayment of loans. Moreover, it has also been observed that people with advanced degrees take on more loans and buried underneath a great magnitude of debt in form of study loans. Students who attend college are hoping to earn their degree that will result in the increased earning power after graduating from the university. Students can lose their ability to take part in the financial aid programs if too many students default on their loans. There are many Universities that hire consultants to motivate the borrowers to pay the loans on time. There are certain efforts that needs to be taken to solve this issue and SHAU makes it convenient for the students to repay the student loans on time.