Student Loan Crisis: Many Sectors Thrive, While Borrowers Falter
The student loan crisis continues to grow, leaving everyone stunned over figures that never just seem to max out—with cumulative totals in the US now edging up to $1.49 trillion as of the last quarter of 2017. The focus on funding is so key, and the debt load on borrowers of all ages is so burdensome that talk of education and what students are actually learning seems to take a backseat.
As the majority of rising students turn to taking out student loans as a normal course of action these days, they may have no idea what they are getting into financially. Counseling for federal loans is mandatory, but minimal, and rarely prepares college freshman for the perils of surviving what could be a payment of over $350 a month once they graduate. For those who do not stay long enough to get a diploma, the experience can be much more challenging as they are still on the line for those loans and may have a much harder time bringing in the income they originally expected. In the competitive marketplace of today, however, that often seems to be the problem for everyone—whether they are dropouts, college graduates, or individuals with master’s degrees and even PhDs.
The student loan scene often seems bleak for those struggling later. There are many others though who are well aware of how they can profit from all the funds being distributed though, have been doing so for decades. Recent news exploring student loan debt numbers for last year states that industries such as student housing and real estate, computer companies, and others who supply students with their needs from the basics to books have all been making a killing as cumulative student loan totals have soared by 2.4 times in the past ten years—expanding from $619.3 billion to the current $1.49 trillion.
If you are a borrower still trying to stay afloat and pay your student loan too, remember that defaulting should only be a last resort—despite the amount of publicity given to individuals who have just walked away from paying large sums. Consult with an experienced student loan attorney if you are worried about delinquencies or default, as the consequences can be severe. Not only is your credit damaged with a student loan default, but federal loan servicers can garnish wages and intercept tax refunds and more, and private servicers may sue you or even go so far as to see a judgment granted against you.
Contact Fitzgerald & Campbell, APLC now. Our experienced student loan debt attorneys will be glad to 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.
Posted in: Student Loan Debt