44.7 million Americans have student loan debt, totaling to $1.56 trillion
The $1.56 trillion student debt crisis is the 2nd highest level of consumer debt behind only mortgages.
70% of Bachelor’s degree recipients leave school with debt
There was an 87% increase in tuitions & fees at a four-year public college between 2000 and 2013
The total outstanding balance of the nation’s student loans is growing by an estimated $2,726.27 every second!
Adverse Effects of Student Loans
Research indicates that the $1.56 trillion in student loan debt may be preventing Americans from making the kinds of big purchases that drive economic growth.
According to the U.S. Department of Education, 70% of college students will graduate with debt.
Among the Class of 2018, 69% of college students took out student loans, and they graduated with an average debt of $29,800.
According to the Consumer Financial Protection Bureau, one in four student loan recipients are either in delinquency or have defaulted on their student loans.
Interest-Free Education Changes Everything
Accessible Higher Education
Many students have a hard time getting a higher education because of the soaring costs of colleges and universities. Taking out a loan with interest only makes things worse. However, ACC can make it easier on students to get an education.
By giving the next generation a chance to succeed by removing the burden of debt with interest, we are strengthening the future. The more financially sound the future of the U.S. is, the stronger our country will be.
By removing the excess interest students incur on their loans, we make it easier for students to pay back their loans. Every dollar a student pays goes directly to their principal which saves them money and allows them to pay back their loan at a faster rate.
Taking out interest-based loans will undoubtedly remove the blessings in life. However, ACC can change this by giving interest-free loans to students.
Positive Impact of Educating Students
Increases household income which benefits the economy
Increases quality of life in various ways
Increases the presence of educated Muslims that can have a positive impact on society
How Does ACC Tackle the Education Crisis?
Our goal is to create a system whereby students have access to interest-free loans for their higher education. No student should have to sacrifice their principles to get a higher education. Interest is a big deal and our wish is to enable students with an opportunity to better themselves without having to compromise their way of life.
Three Ways You Can Help
Invite us to your community for a presentation or fundraiser to help educate the community about ACC