Graduate Schools Churn Out the Student Loan Debtors
College may not be for everyone, but for most high school students and rising freshman it is an opportunity to seek a good career and yield an income later that will allow them to achieve all the normal milestones in life such as starting families, buying homes and cars, and thriving economically. Gaining a four-year degree is a triumph, but a small percentage take education to the next level in attending graduate school.
And while only a small number of students are engaged in working toward their Masters’ or PhDs, the loans can be massive; for example, law students could be graduating (or exiting school without graduating, which is even worse) with well over $100,000 in student loan debt. These figures add significantly into the over $1.5 trillion cumulative debt spread out over 44 million borrowers in the US.
The debt keeps growing and as analysts worry about the effect on the nation’s economy overall as millennials and other age groups flounder due to the financial burden, many experts also continue to examine better ways to prevent this undeniable crisis from growing further. Suggestions include more extensive counseling within financial aid offices before loans are taken on, stricter underwriting processes, and action taken against for-profit colleges that may draw in students with dubious marketing tactics that lead them to enroll and take out sizeable loans.
Even with careers that may get off the ground quickly, high monthly balances due to student loan debt servicers can be crippling. Such financial stress may also begin to seep into every part of their lives, causing depression, divorce, bankruptcy, disrupting retirement plans, and more. If you are a student loan borrower on the brink of serious delinquency or even default, consider the wide range of alternatives first. While there are different government programs allowing repayment based on income, forbearance or deferment and even forgiveness, in consulting with a skilled student loan debt attorney from a firm like Fitzgerald & Campbell, APLC you may be able to refinance loans, work out the rest of your financial issues through debt management, or file for bankruptcy (although it can be challenging to see student loans discharged).
Let us review your case and discuss what would work best for you. We are here to help! Call Fitzgerald & Campbell, APLC today for a free consultation at (855) 709-5788 or email us at email@example.com.
Posted in: Student Loan Debt