Student Loan Debt Continues to Cause Suffering Among Millennials
There is a massive and undeniable problem when young people such as millennials in the United States must struggle and even feel punished financially while reaching toward the noble cause of getting an education. It can be difficult to pair the idea of broadening one’s mind and one’s horizons and understanding more about the world while gaining intellectual enlightenment with the idea of being imprisoned financially later.
The student loan crisis is very real, and one of the main issues that even politicians from any side can agree is a problem that needs fixing. But while everyone seems to spend a great deal of time discussing solutions and pointing fingers, borrowers of all ages are extremely stressed, and may be going bankrupt while trying to pay off massive student loans later. This can be difficult, particularly with private student loans as they may be for much larger amounts, with much higher interest, and penalties that are downright frightening.
Many millennials today do not feel like the stress of student loans is worth enduring, after experiencing the post-graduation aftermath of having to make payments without enough income. Recent news states that millennials who did find the loan process worth it were borrowers who were able to pay off their loans completely. For those still struggling, the story is different—and especially in an extremely fierce job market where degreed students may find themselves vying for jobs they could have just as easily found without four years of studying to get a diploma—or even worse, an advanced degree.
“The advantage of a degree today is less than it was ten years ago, because of the rising cost,” says Richard Vedder, professor emeritus of economics at Ohio University. “The return on investment has fallen.”
Many millennials are dipping into their 401(k)s early too, along with skipping many of the milestones our parents and grandparents found so important such as purchasing homes, new cars, and starting families. While some may be able to make ends meet while living on their parents’ couches, others may feel helpless upon falling into delinquency and soon, defaults. Avoiding such a situation is recommended at all cost as the repercussions can be extremely long-lasting.
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.
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