Is the US Losing out on Valuable Small Businesses Because of Student Loan Debt?
While few are in the dark anymore about the perils of student loan debt and the devastating circumstances so many borrowers are left in today financially, what is still becoming apparent are all the different indirect economic issues facing the US as young peopled are crippled with debt. Hyperbole plays little part in the subject of the student loan crisis, and the unfortunate numbers do not lie as over $1.56 trillion in cumulative debt needs to be paid back to servicers.
Graduates may have left college with those much sought-after diplomas in their hands, but once reality sets in and they realize their student loan payments may exceed what they owe on their cars monthly—or even rent—hopes may be dashed for taking out that first mortgage. Making exuberant plans to commit to a spouse and get married or start a family may be delayed out of stress due to financial burden, and the general tone may be one of feeling limited by the very thing that was supposed to open the economic floodgates.
Sadly, this financial pressure may cause growing numbers of student loan borrowers to feel like they are going nowhere fast, or backward even. And while numerous graduates (and non-graduates too) may have brilliant minds for business, their wallets may not be able to match their brainpower—leaving them out of luck when it comes to hanging out a shingle and contributing to their local economy.
Diving off the deep end and investing capital in a business during good times is risky enough, making such action exponentially more difficult—and perhaps imprudent—for student loan borrowers who are bogged down with loans to jump into, and recent news confirms the depressing reality as well, with figures showing a not only a lack of continued increase in entrepreneurial activity in the US, but now an obvious downward trend specifically regarding millennials.
With nearly a third of college students not graduating, yet still living with student loan debt, the repercussions fall into the next economical level as they may be left fighting for jobs already taken by those willing to accept minimum wage—along with graduate students out there in the workforce vying for jobs that others with much less education are being given.
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 email@example.com.
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