American graduates are collectively carrying $1.5 trillion of student debt. As a result, it takes the average graduate 23 years to pay back what they owe. But with the Federal government expecting repayment within 10 years, and graduates keen to shift their student debt for good, it makes sense for them to move overseas and seek out work in glorious Dubai. So, just how will living in Dubai help you shift your student debt faster?
One of the most effective ways to get rid of your student debt as quickly as possible is to cut back on your post-college costs. By doing this, you’ll be able to meet your monthly repayments and may even be able to add a little extra to them. Figures from Numebo reveal that consumer prices, groceries, the cost of eating out, and local purchasing power are higher in the U.S. than in the UAE, with the biggest cost difference coming in at 32.51% for groceries. So, by heading to Dubai, you’ll get a whole lot more for your money.
A great way to oust your student debt for good is to make multiple payments per month. Not only will this help you pay it back quicker, but you’ll pay less interest too. To be able to afford this, you’ll need to secure a job quickly after graduation. However, the average American graduate will spend six months applying and attending jobs interviews before finally securing a role. This is because U.S. firms typically want experienced individuals so that they can boost their profits faster.
In comparison, Dubai takes a completely different stance. In the first three quarters of 2018, the country’s firms created almost 50,000 vacancies, with sectors including construction, IT, real estate, and services opening up the most positions. And best of all, these are all sectors which welcome and train inexperienced graduates on the job.
You’ll clear your student faster by paying more than the minimum repayment fee each month. In order to do this, you need to be sure you’ve got a secure job behind you that will always pay you well. Dubai has the lowest unemployment rate in the world at just 0.5% due to job security being high. As such, when you land yourself a job in Dubai, you can be sure that there will be plenty of opportunities to progress and grow your salary, which will allow you to up your monthly student debt repayments.
Dubai is the place to be for U.S. graduates. Thanks to the country’s large supply of jobs, reduced living costs, and job security, college graduates have ample opportunities to pay back their student loans in record time.
According to the Economist, the total student debt in America stood at $1.3 trillion which averaged $37,172 per student/graduate. Dubai City Company writing because we’d like to share our knowledge and write an article for you. Generally speaking, hope this helps you fix problem on how today’s students can avoid being overwhelmed by student debt.