Student Loan Borrower Feeling the Weight of that Debt? You Are Not Alone!
Many student loan borrowers are weighed down not only by the enormous stress of trying to wrestle student loan debt under control financially, but also deal with the frustration of having to suffer just to get an education. It may seem like a gamble, in fact, taking out loans for tens of thousands of dollars or even hundreds of thousands, to create a better life with a solid career and suitable income. Even when the ‘gamble’ does pay off, many borrowers find themselves struggling to pay monthly loan payments of over $350. For most of us, even in the best of times, that is a large payment to make, especially amidst all the other bills such as mortgage, car, credit cards, healthcare, utilities, and more.
In the US today, 44.7 million borrowers are part of what is now termed the student loan crisis, and it keeps growing; in fact, student loan debt is higher now than ever at $1.56 trillion, according to recent news, which also states the following:
“Not surprisingly, states with larger populations have higher aggregate student loan debt. California, Florida, Texas and New York are among the four highest states for total student loan debt outstanding among resident borrowers.”
“California, Florida, Texas and New York represent more than 20% of all U.S. student loan borrowers who collectively owe more than $340 billion of student loan debt.”
Over five million borrowers are currently in default, and if that is your situation, then you know it is a very uncomfortable place to be financially. This is even more serious for most private student loan borrowers because more conventional rules apply to debt collections—as opposed to federal loans which offer a fairly long list of alternative repayment plans—meaning that if you are in default, you can count on predictable, and aggressive, collections activities which will probably result in a collections lawsuit if not resolved. If you have been served, contact us as soon as possible so that we can help you file a response and create a defense, and make sure you avoid having a default judgment granted against you.
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