Graduate Students Pay a High Price, Often Require Private Student Loans
As the job market continues to grow fierce around the United States, rising students—along with those who may have been out of the educational system for decades—are finding themselves increasingly more motivated to sign up for graduate degrees. While it would be nice to think that this level of higher learning has been attained purely for expanding the mind and learning more about the world and more complex intellectual equations, the truth is that a Masters or PhD is usually sought after due to industry hiring and educational requirements—whether you want to be a lawyer, a doctor, or seek another professional degree—or something like an MBA that may be necessary to apply for higher-level jobs and in the end, make more money.
Initially, however, such degrees may not be possible without the help of a student loan. And in many cases, because the cost of graduate school so high, a private student loan is the only route. Recent news shows that even with so much of a spotlight on the student loan crisis, graduate students continue to request—and be approved for—student loans.
A Master’s degree could cost well over $100,000, meaning that borrowers are taking a risk, even if they are investing in themselves. Because of the ultimate cost, and the burden a private student loan could represent for the future, it is critical for older students to recognize the need to explore all other options first, and for more counseling to be available for younger students in this respect especially. There are many different grants and scholarships offered for students at all levels, of all ages, and often without GPA requirements too; unfortunately, many of these resources remain unknown and untapped.
And while the hope is that graduate students will move forward to thrive and earn the plentiful incomes expected, when that doesn’t pan out, the financial repercussions can lead to aggressive collections efforts by private loan servicers—even resulting in collections lawsuits and default judgments. Amidst so much talk of students defaulting on student loans, it is never a good idea to do so unless there is no other recourse. Delinquencies cause the credit score to diminish, but a default results in further wreckage to the credit report, along with the possibility of wage garnishments and levying of both assets and financial accounts.
Are you worried about 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! Click here to schedule a free 30-minute consultation, or call us at (855) 709-5788, or email us at email@example.com.
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