Student Loan Debt Crisis: Pushing it Under the Rug is Dangerous for the US
Many borrowers in the US today are struggling under the crushing weight of monthly payments that could drag out for decades, pushing further into the growing student loan debt crisis. Today, the average household with student loan debt is responsible for an obligation of $47,047. Young borrowers find themselves strapped with payments that could pay for a very nice car or other essential items, and along with that may have to put important life activities—such as getting married or having kids—on hold. Both graduates and non-graduates who are trying to pay off balances may find themselves so strained financially that they default on student loans or are forced to file for bankruptcy.
If you are currently having difficulty carrying the burden of a student loan, then you know how impossible it is to ignore the financial responsibilities and hardship—along with the implications for your future. Experts have weighed in on numerous ways to fix the issue in the future, from more extensive counseling beforehand to stricter underwriting practices which would save young borrowers from themselves. Predatory practices by for-profit colleges continue to be under examination as well, due to marketing and encouragement to take out loans which may leave graduates and non-graduates alike in dire straits later when their plans do not pan out as promised.
For the US overall, however, the student loan crisis must be explored and addressed until obvious positive changes are made. With disturbing data showing that defaults are just likely to increase, a recent news article points out that this could escalate even further if the economy were to decline. Along with that, there is a good chance the economy itself could be affected due to the more than 44 million borrowers in over $1.48 trillion in debt. This is a topic we have covered in a previous blog, focusing on how consumers who aren’t able to spend or buy homes or other large items could lead to a serious downturn as jobs are affected too. Ongoing defaults by student loan borrowers of all age and graduate levels continue to cause a serious dent in the economic system – and all revolving around US citizens attempting to educate themselves.
Are you in danger of defaulting on your student loan or are you experiencing difficulties with your student loan service company? Contact Fitzgerald & Campbell, APLC now so one of our experienced student loan debt attorneys can review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy and other debt management processes. We are here to help! Call us today for a free consultation at (855) 709-5788 or email us at firstname.lastname@example.org.