Average Monthly Student Loan Payment is Almost $400
As you are reading this, hundreds of thousands of high school seniors are looking forward to their first year at college. They may have been preparing for this their whole lives, working hard in school to keep their grades up, participating in extracurricular activities, studying to achieve the highest of test scores, and doing everything right to get in to their college or university of choice; however, they may hit an enormous stumbling block when it comes to finances.
If you are looking forward to attending a four-year university or another learning institution, or perhaps graduate school, there are many details to pull together before you are even accepted. Once that has happened though, the financial matters may quickly intensify. You may be concerned about whether you will have enough money to pay for college, however, the real concern also should be whether or not you will be able to pay back whatever debts you incur to attend the school of your choice.
As the student loan crisis continues to roll full steam ahead, there are no signs of resolution ahead any time soon; in fact, now over 45 million borrowers owe over $1.6 trillion and it is expected that defaults will just escalate. In examining the numbers and the ages of students involved, it is easy to how trouble continues to brew—and explains why financial analysts are concerned about the economy being affected overall as so many individuals must restrict spending in order to pay off debts each month. For student loan borrowers in the 20- to 30-year-old range, the average amount due each month is nearly $400.
Such figures are alarming, considering how long it can take for a student to begin making a good income upon exiting school, and even if they are able to generate a healthy income immediately, making such a sizeable payment could be stressful for nearly anyone. Private student loan debt accounts for billions of dollars, and in a concerning trend, many of these undergraduates do not seek out scholarships and grants. Private student loans may also be taken out in combination with federal loans. In the case of a default, private loan servicers usually do not offer flexibility for repayment and may not only be aggressive in collections efforts but see default judgments granted routinely also.
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! Click here to schedule a free 30-minute consultation, call us at (855) 709-5788, or email us at firstname.lastname@example.org.
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