Student Loan Debt: Find Out Who is Paying the Most
Hovering at nearly $1.6 trillion, the cumulative student loan debt in the US continues to earn its label as a financial ‘crisis,’ with no backtracking or slowing in sight; in fact, while everyone points fingers as to the culprits and government officials and experts presumably look for solutions, the federal government continues to lend money to students who in many cases may be challenged to pay back loans, private loan servicers continue to seek borrowers (and while it is not as easy to get a private student loan, wonders can be worked with the leverage of co-signers), colleges continue to raise tuition, and an entire industry thrives around the funds being distributed to students.
While much of the student loan talk today seems to center around Millennials and not only some of their less than conventional choices in life but also the weight they struggle under with student loans, you may be interested to find out which career choices seem to yield the highest student loan debt later. Recent news shows data pointing to employees in both private health care and social assistance as paying the most upon exiting colleges or universities; in fact, they are paying a staggering average of $685 monthly to student loan servicers, outpacing what other borrowers owe even as they have entered professions such as higher education, scientific and technical services, and more.
“The data is clear — finding ways to effectively pay down student debt isn’t an isolated problem. It is impacting young and old, as well as workers in various industries,” said Asha Srikantiah, head of Fidelity Investments’ student debt program.
“Our research consistently shows that student debt can have a devastating impact on the financial wellness of many Americans, causing them to delay life events such as buying a home, getting married, having children, and saving for retirement. Part of the solution is knowing where you stand, which is why Fidelity offers resources to help employees and employers work together to craft a path to action,” continued Srikantiah.
If you are mired in student loan debt, it is critical to your future success that you do everything possible to avoid going into student loan default and leaving yourself open to interception of tax refunds, wage garnishments, seizure of property and more—should you find yourself at the mercy of collections lawsuits or default judgments.
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 email@example.com.
Posted in: Student Loan Debt