Student Loans – Change is on the Horizon

© 2017 Hamza Butt, Flickr | CC-BY | via Wylio

The amount of educational debt among emerging adults continues to increase.  In 2016, the average among college graduates was over $37k.  About 44 million Americans hold about 1.34 trillion dollars in student loan debt.  This amount of debt as a young adult can be overwhelming, and change is needed to our educational system, and how college is financed.

Millions of student loans could be headed for big shakeup

As Courtney Minor began a master’s program in vocal performance, she made sure to heed some well-known advice: Stick to federal government student loans. 

In completing the two-year program at Longy School of Music of Bard College in Boston in 2009, Minor racked up $60,000 in debt using six different loans, which required her to pay a total of $800 a month for 10 years following her graduation.

Read the full article here.

Here are some of the changes discussed:

  • Adjusted Loan Forgiveness
  • Employer Incentives to Assist in Debt Payments
  • Additional Refinance options
  • Eliminate PLUS loans

While no one really knows what the future holds (since many of these changes are based on our political system), the church should speak regularly about the danger of debt which is mentioned regularly in scripture.

Related Articles:


Dr. G. David Boyd is the Managing Director of EA Resources, a non-profit designed to equip parents and communities to minister to the needs of emerging adults.

Financing College – Taking Time to Laugh

Financing college can be difficult and stressful.  If you are in the midst of putting together a plan to finance an education, take some time to laugh.  Here is a great clip from the Middle, a show that is a must-watch for parents of emerging adults.

Check out this clip from the Middle.

Here are some additional articles that talk about finances.

Dr. G. David Boyd is the Managing Director of EA Resources, and the Founder of the EA Network.  If he can help your community understand and minister to emerging adults, please contact him at

A Great Way to Eliminate Your College Debt.

Chilean artist steals and destroys $500 million worth of student debt papers.

actor burns student debt

Here’s one inventive way to deal with the student debt problem. Late last week, Chilean police arrived at Santiago’s Centro Cultural Gabriela Mistral and removed a white bin of gray ash — allegedly all that remained of $500 million worth of student debt notes.

Here is the Link to the Article in the Washington Post.

Here is a Link to the Video!  The video went viral, but not here in America.  It is not in English, and not very exciting.

If you want to read some resources to really help you eliminate educational debt, here are a few links.

Tales of Four College Students

Debt Scams – Don’t Get Fooled

This Millennial paid off $23k in college debt in 10 months.

Financial Literacy



The Credit Card Debt of Emerging Adults

Credit Card from Flickr via Wylio

© 2015 GotCredit, Flickr | CC-BY | via Wylio

When I was going through college, there would be a salesperson outside our cafeteria everyday trying to get us to register for a credit card.  In return for signing our name, we would receive a free t-shirt, a 2-liter of soda (usually Mountain Dew), or a $10 gift card for pizza.  Preying upon the innocent, their tactics were shady, and their persistence was relentless.

The Credit Card Act of 2009 eliminated excessive marketing of credit cards to young people. It prohibits companies from wooing students with T-shirts, free pizza and other free gifts at university-sponsored events.  This legislative act also requires those under the age of 21 to prove they have an independent income before applying for a credit card.

In spite of these safety provisions, emerging adults are racking up more debt than ever before.  Here are a few statistics:

  • The average credit card debt of college student is $3,173.
  • The average credit card debt of graduating students is $4,100.

Please Note:  These numbers only reflect their amount of credit card debt.  We haven’t even mentioned the average amount of educational debt which is more than 35k.  (Source)  Overwhelmed by this burden, many college students do not even know their current student loan balance.   (Source)

As someone who cares about emerging adults, it is time to begin discussing…

  • how to improve money-management skills of emerging adults.
  • how churches are consumers and contribute to this culture.
  • how living independently by means of debt is not independence, but the entryway to bondage.
  • how to battle consumerism in our lives.
  • how we can effectively teach Jesus’ teaching about money.

In our discussions, we must acknowledge that debt is not a problem of emerging adults, but is an epidemic that affects Christians of all ages.

Maybe the whole problem is that emerging adults have learned from watching us, and our inability to respond to consumerism.

Leave a comment below to express your thoughts or leave a link to a resources on finances.

Financial Resources:

profil pictureDr. G. David Boyd is the Founder and Managing Director of EA Resources, a non-profit designed to equip parents and churches to minister to emerging adults.

College Students and Credit Cards – Some Statistics

This article attempts to give an overview of student credit card use by presenting some statistics taken from Sallie Mae’s National Study of Usage Rates and Trends of Undergraduate Student Credit Card Use released in April 2009.   

Click Here to Read the Full Article!

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Average Educational Debt and Inflation

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I found this chart on the Wall Street Journal, and wanted to share it with my readers.  While the economy has improved over the last three years, the gap between earnings and educational debt has continued to grow.

It is more crucial than ever for…

As the church, we must seek to minister to people in various stages of life and the challenges they are facing.  May God guide and empower you as you seek to care for the emerging adults in your life.  If I can help, please let me know.

david in hat - blackDr. G. David Boyd is the Founder and Managing Director of EA Resources, a non-profit designed to encourage parents and churches as they seek to minister to emerging adults.



How to Fix your credit after Falling on Hard Times

Scrabble Series Debt from Flickr via Wylio

© 2012 Chris Potter, Flickr | CC-BY | via Wylio

A range of circumstances can damage your credit. Loss of your job, getting behind on various loan payments, and carrying a high balance on your credit card can contribute to bad credit. As you begin the credit repair journey, it’s important to stay positive and to focus on doing it the right way. By having faith and taking control of the matter in a mature and morally responsible way, you can get your credit score back up again.

Ways to Repair Credit After Bankruptcy

Dire circumstances can sometimes force us to file for bankruptcy. After doing so, you must first understand where you stand. Firstly, you should know your credit score, which can be obtained for free once a year from Annual Credit Report. Know that filing for bankruptcy deeply hurts your credit (from 130 to 240 points), so prepare to see a low number. Check for any errors on the report, and notify the credit bureaus if you find any. Credit reporting errors can seriously damage your score.

Not all types of debt can be eliminated in bankruptcy, such as tax debts and student loans. Make a chart of these debts and then highlight those that have high balances or high interest rates.

Once you have a clear picture of what you owe, you need to figure out ways to get your balances lower, as making payments on time and lowering balances is the best way to improve credit. Another option is to open new lines of credit and paying off your balance each month.

Credit Cards from Flickr via Wylio

© 2014 Sean MacEntee, Flickr | CC-BY | via Wylio

Change your financial habits as well. Repent for past mistakes by setting a financial plan for the future and having the willpower to stick to it. Have payment reminders sent to you so you know when money is due. Resist the temptation to spend on things you don’t need. Self-control can help a lot here, as you can put more money in your pocket each month with simple lifestyle changes, such as eating out less, renting movies instead of going to the theater, and carpooling to work. If you can, find extra work by using your networks in the neighborhood, at church, and within your family.

Ways to Repair Credit After Foreclosure

Anything from unemployment and underemployment to overspending can cause foreclosure. Losing your home is emotionally difficult, and sometimes it’s hard to focus on getting back on track.

The first thing you should do is make sure you and your family have a safe and affordable place to live. The monthly payment shouldn’t exceed 28 percent of your monthly income. Understand that you won’t be able to get a mortgage for three to seven years. Stay patient and positive, and work to rebuild your credit during this time.

Address your current financial situation and review all your debts. Plan to pay those with the highest interest rates and balances first. View your credit score, but don’t get too distraught even though it’s probably down anywhere from 85 to 160 points. Faith and the motivation to make positive changes are what you need, not negativity.

Work on ways to cut down on expenses and continue to pay down debt. Put those credit cards away unless you absolutely have to use them. Discipline is what you need right now.

Fixing your credit after falling on hard times takes patience, self-control, and willpower. It’s a long road, but the right blend of faith, lifestyle changes, and careful planning can put you on the bright road to credit recovery.

Jesse Woodhouse is a Team Lead at TopTenReviews. He is a proud husband and father and loves sports, music and the outdoors.

This Millennial Paid Off $23,375 in Student Loans in Just 10 Months

Jordan ArnoldI found a great article to encourage those who are facing student debt.  The average debt load is $29,400 for those who are graduating from college.  This amount of debt may seem staggering, but it can be conquered.

Some highlights from the article that we can all learn:

1.  Debt reduction became a priority.  This student took on a second job in order to help pay down his debt.  What steps can you take?

2.  Picture it.  Imagine the day you pay off your loans.  How will it make you feel?  I graduated from Seminary with $27k in loans, and I still remember the day when my wife and I paid them off.

3.  Take time to celebrate.  What are you going to do in order to celebrate your debt retirement?