Guaranteed Removals Reviews Rising Student Debt in the US and Canada

A post-secondary degree remains a valuable asset when it comes to navigating the professional landscape; however, the rising cost of tuition has made it increasingly difficult to secure adequate financial assistance. While higher education may aid individuals in fulfilling their long-term career objectives, the current cost of a university degree has left many graduates struggling to pay down government loans.

Despite the recent transition to online learning, the cost of tuition will remain the same for September 2020, with many institutions promising the same high-quality learning experience, virtually. However, given massive job layoffs as the result of social distancing measures, many would-be students will find it difficult to make next year's tuition payments.

Average Student Debt in North America

Statistics show that the average student debt in Canada is approximately $26,000, with Canadian students collectively owing 28 billion in student loans to all levels of government. Meanwhile, roughly one-sixth of the US population over the age of 18, currently carry a federal loan and collectively owe 1.5 trillion in educational debt.

While tuition fees pay the cost of education, many graduates are also subject to a wide range of additional fees to cover the cost of course textbooks, university transportation, and health and recreational facilities.

Additionally, federal and provincial student loans only allow a six month grace period before interest begins to accrue, and students must start making monthly or bi-monthly payments. As the majority of students are unable to obtain employment following graduation, many must defer payments as a result.

Why the Cost of Tuition is Increasing

There is a wide range of factors behind the rising cost of tuition that includes a lack of government funding and significant cuts to higher education.

One of the primary causes is a higher enrollment rate that inevitably leads to an increase in financial aid programs. Universities will also have to factor in increased faculty pay and the need for more on-campus services and resources.

With the cost of tuition skyrocketing, recent reports show that the price of College is increasing almost eight times faster than wages.

The Guaranteed Removals 2020 Academic Scholarship Program

One of the best ways to lessen the impact of rising tuition costs is to obtain an academic scholarship. Scholarships, like grants, do not have to be repaid, which allows one to focus strictly on their educational goals and career objectives.

As Canada's largest and most successful online reputation management service, Guaranteed Removals is proud to support individuals looking to obtain formal education. Having helped dozens of young individuals achieve their academic goals, Guaranteed Removals is a trusted resource for post-secondary students.

Guaranteed Removals is currently offering five scholarships with values of $1, 000 USD. Financial assistance is available to students studying criminology, law, or computer science. To apply, individuals must fill out an online registration form and complete a 400-word essay detailing their professional goals after graduation. The program will be accepting applicants until September 15th, 2020, and five winners will be selected by October 1st, 2020.

Guaranteed Removals encourages all who meet the requirements to apply. For more information on the scholarship please visit the official site here.

This article does not necessarily reflect the opinions of the editors or management of EconoTime