EDCOR NEWSLETTER
Three-pronged Strategy to Resolve the Student Debt Crisis in America
According to current statistics, the U.S. student loan debt stands at a staggering 1.75 trillion dollars from 45 million borrowers. The federal loan portfolio totals over 1.59 trillion, with 42.9 million Americans owing $37,105 on average. Women owe two-thirds or 58% of the total student debt. Black or African American college graduates owe $25,000 more than their White counterparts in student loan debts. On average, it takes women 2 years longer to pay off their student loan debts even though they make continuous payments.
The American government continues to provide relief and aids towards the crisis. More than 35 million of these borrowers received relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. There has been a further extension to the pause on student loan repayment till May 1, 2022. Nonetheless, the student loan debt has grown 6 times faster than the American economy. Even after millions of federal loans have received zero growth in interest during the pandemic the total student loan debt increased by more than half a million monthly through the year 2021.
Borrower prudence and Government reliefs alone are insufficient to solve the crisis. Corporate America needs to pitch in too and shoulder some of the burdens because employees are ultimately getting higher education to accomplish both organizational and personal goals. With all the three working together, we would expect to see considerable change.
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CEO’S CORNER
Happy New Year! I hope you were able to enjoy some much-deserved time off over the holidays. I wish you more experience, more knowledge, and more growth in the year ahead.
At Edcor, we are all geared up to serve our clients and partners better than we did last year. I’m happy to inform you that we’ll be welcoming many new clients this year. Our competitive advantage has always been that we are a full-service Education benefits provider, and customer ‘delight’ is our motto. Even though we are veterans in the industry, we are also agile, innovative, and early adopters of any new technological advances. I appreciate that our reliable network of loyal Clients and New associates recognize this, and reward us with their business for which I am truly grateful. In 2022 we will continue on the path of excellence, and incorporate elements of quality that differentiates us.
On yet another bright note, I am happy to inform you that the graduation data from last year, received from our School Network partners, looks extremely promising – much better than reported by some of our competitors. This has reinforced my belief in the ‘Talk Less, Do More’ philosophy and I quote. “The smallest of actions is so much better/braver/smarter than the biggest of intentions.” I am proud that our business has truly made a difference in learners’ lives, and their journey towards excellence! I’m also proud of the fact that all our distinguished educational partners are attuned to the needs of working-adult learners, and their programs and pedagogical designs have led to greater learner success.
Finally, I’d like to conclude by leaving you with the thought that “It is not in the stars to hold our destiny but in ourselves.” William Shakespeare
We have the power to steer the course of our journeys and choose our directions. May you make this year the best year yet with your hard work, dedication, and triumphs.
Adrienne L. Way, Edcor Owner, President, and CEO
INDUSTRY ARTICLES
Read these articles to see how Edcor partner schools are leading the way in higher education with innovative programs and ideas.
ARTICLES OF INTEREST
Gain information and insight from Edcor’s partner schools in these articles:
SCHOOL NETWORK UPDATES
Edcor partner schools respond to the needs of client employees with new course offerings and programs. Read about the steps these schools are taking to serve their students.
- Concordia’s RN to BSN completion program could be right for you
- 8 Signs you belong at UMass Global
- Purdue University Global’s New Program on Sports Entertainment Management
- Herzing-Tampa Campus Now Offers ASN and ASN Bridge Programs
- New Online Social Work Bachelor’s Degree offered at UAF Fall 2022
- Nazareth’s Leadership and Organizational Change Program
- Free Professional Development courses from SNHU Healthcare Professional Series
