Private Student Loans: Investment in Your Future—Or a Long-Term Consequence?
Student loans are meant to be a personal investment tool. The hope is that with the right education you will be rewarded with a stellar career and a solid income—opening up a world of options to choose from—all due to your hard work. A great deal of effort is required even before you officially set foot on campus as a new student, with much of that centered around finances; after all, tuition at most colleges and universities continues to rise to such highs that most students would not be able to pay for without a loan.
Questions continue to arise, however, regarding whether the financial burden that comes later is really worth it for most graduates. Obviously, Americans should have the opportunity to be well-educated, enjoying their jobs, and life too. But as the $1.64 trillion cumulative student loan debt looms large for over 45 million borrowers today, so does the much-discussed crisis. Some students avoid loans if possible, opting for affordable community colleges for their first two years, and some saving up over the years before they attend more expensive learning institutions. For the majority of students, loans may be a double-edged sword, but they are the only way.
Upon exiting school, borrowers may find that the amounts of student loan debt they are now responsible for paying back are untenable. Many graduates may also find themselves unprepared for the rigors of maintaining a household budget. They may have never had a real job before, never lived on their own, and never had to prioritize which bills to pay, and when. In a fierce job market, borrowers may also be faced with the reality of having to compete with other job seekers possessing lesser degrees (willing to take less money), along with accepting the fact that they fell prey to over-jealous marketing campaigns on the part of colleges.
If you have taken out a private student loan, you probably used up all other funds at your disposal first, from grants and scholarships to federal funds. If you have graduated or left school and are making payments to student loan servicers now, it is in your best interest to do everything to avoid a default. While you may be experiencing enormous difficulties due to the COVID-19 pandemic, if you are unable to make payments to a private student loan servicer, speak to them about your options for the future. A consolidation loan or a refinance may help your finances too.
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