Private Student Loan Topics: Burden of Debt May be Devastating
While the whole idea of taking out student loans is usually to have a better life, and perhaps even improving on what your own family or parents had at your age and beyond, this concept has been turned upside down for many borrowers in the US carrying a massive burden of debt. If you are one of the 45 million borrowers struggling to pay back part of the almost $1.6 trillion owed to both private and federal loan servicers, there is a strong possibility you are not happy with the system and are stressed about how to make monthly payments that today on average are almost $400.
The subject is unpleasant for many, and can be a delicate one also, offering up a reality that many graduates—and non-graduates also—are forced to accept. And while federal student loan servicers may be much more flexible in terms of alternative repayment plans in the face of a lack of income, private student loan servicers may have little sympathy or flexibility. Such issues may be causing you enormous stress, and unfortunately that can bleed over into many other portions of your life.
Buying a home may be impossible, and even a laughable idea as your student loan payments could exceed (in some cases they are even double for borrowers in some areas of the US) what you even owe in rent. You may be considering selling what few assets you own just to get through a couple of months, hoping that a new job will come through in the meantime. Personal relationships may be cracking under your stress levels, and if you are married or cohabitating with a partner, concerns about money may be putting huge pressure on both of you as this can be one of the biggest reasons for strain between significant others.
A recent survey shows staggering financial statistics:
“The reality of the day-to-day crisis is staggering. The average borrower has under $1,000 in savings, and 80% cannot save for retirement,” states Natalia Abrams, executive director of Student Debt Crisis. “And we are not just talking young people — we’ve talked to many borrowers in their sixties who are still trying to pay off their student loans and are worried they will never have enough to retire.”
In most situations, the worst thing you can do is just accept a default—not only because of the repercussions to your credit, but also because of the significant challenges forced by collections lawsuits and default judgments. Speak with a student loan debt attorney as soon as possible if you are worried about ongoing delinquencies or your options in the face of a default.
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.
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Posted in: Student Loan Debt