Private Student Loans: The Last Thing US Citizens Needed Was More Disruption to Education & the Economy
For industry, economics, and social norms around the world, some types of disruption can actually be positive; however, with the advent of the COVID-19 pandemic, millions of individuals have had their lives disrupted—with decidedly negative repercussions. As stay-at-home orders were created and lockdowns enforced, US citizens suddenly found their lifestyles changed almost overnight. This spilled over into finances as jobs were lost by the millions, but the pandemic also had an extremely disruptive effect on the educational system.
From children just starting school to seniors about to graduate, many were forced to deal with great disappointment in enjoying milestones like being in a kindergarten class, walking to receive a high-school diploma, starting the freshman year or ending the senior year of college, or enjoying graduate studies on campus. Suddenly life became a very ‘indoors’ and ‘online’ type of endeavor, and everyone was left to deal with change whether they liked it or not.
With a student loan debt crisis already well underway, the last thing borrowers or servicers needed was another nationwide financial crisis. Previous to the coronavirus pandemic, over 45 million borrowers were already indebted to student loan servicers for around $1.64 trillion. Debate over causes for the immense problem, how to deal with it, and who to relieve from responsibility in terms of payment has been ongoing and has also played a large role in political campaigns as so many Americans are invested and affected by student loans.
Previously, milestones were a topic of discussion also as borrowers laden down with burdensome student loan debt were being forced to forgo so many of the classic ‘coming of age’ achievements such as buying that first home, hanging out a shingle and opening a business that might last a lifetime and then be handed down to the next generations, purchasing cars, getting married and having kids, and more. Instead, a surprising number of student loan borrowers (and perhaps if the stereotype is correct, millennials as a whole too) are couch surfing instead of buying or renting or are continuing to live at home with their parents.
As finances become even more uncertain today, you may be seeking any relief possible from student loan payments—and especially in the face of diminished income. Although the CARES Act has helped many student loan borrowers at the federal level, if you have a private student loan, work with your attorney from Fitzgerald & Campbell, APLC to negotiate deferments on payments, better interest rates, or perhaps consider refinancing too.
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