Private Student Loan Borrowers May Still Be in Their Teens
Student loan borrowers today span many different age ranges and demographics, but there is still an ever-growing majority of high school seniors ready to live out their dreams with a career, great income, and successful future—with much of it dependent on that four-year degree and perhaps graduate school afterward too. Some may be applying for loans in the 17- to 18-year-old age range, with nary a chance yet to feel the responsibility of managing bills or focusing on the challenges of maintaining a household budget. This can cause great hardship years later when they realize how difficult it can be to uphold agreements to meet significant monthly payments; in fact, the average amount due on a 30-day basis for younger borrowers is over $350!
Younger Borrowers May Feel Constricted as They Start Out
As the cumulative student loan debt in the US reaches over $1.5 trillion, lenders continue to fund rising freshman who may find themselves so stressed once they exit school that they are forced to put off much of the joy their parents and grandparents once experienced such as opening businesses reflecting the education they gained while in school, choosing mates and having kids, buying homes, electing to purchase shiny new cars, and more. As these trends seem to continue in growth, some analysts contend that the economy as a whole will suffer, beginning in areas like construction that will be hurt when the younger set waits indefinitely to buy that starter home.
Private Student Loan Servicers May Be Much Less Flexible
Like most students, you may have been forced to either take out loans or forgo higher education altogether. If public student loans were not enough to pay the bill, you may have used a combination of public and private funding, and this is quite common. For many though, private student loans can be harder to come by—and cause much greater repercussions later. If you were not able to garner the income expected after leaving college, chances are you are finding private loan servicers to be much more inflexible in offering alternate repayment plans. As delinquencies grow, you may have a very real worry when it comes to the devastation of your credit, the potential for collections lawsuits, and even default judgments. Seek legal advice before you get to the point of default—and know that you are not alone, as the student loan crisis affects millions of others too.
Contact Us Now for Help!
Have you experienced problems with your loan service provider or student loan program, or are you in danger of defaulting on your student loan? 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.
Posted in: Student Loan Debt