Student Loan Debt: Millennials Account for 15.3 Million Borrowers
Student loan statistics continue to be alarming, even amidst a brief respite for many federal loan borrowers through the end of this year via the CARES Act. As the pandemic only worsens, individuals of all ages continue their schooling, with the numbers climbing to well over 45 million borrowers invested in a cumulative debt of over $1.64 trillion. Millennials make up a relatively small portion of those borrowers, however, with 15.3 million (out of around 44.9 million) owing modestly, on the average.
While some of these student loan debt statistics reflect smart financial decisions, there is concern that the reason so many millennials are not in debt to student loan servicers is quite simply this: they aren’t going to college. This trend could be added to a list of growing stereotypes about the millennial crowd (ages 24 to 39), often said to be eschewing many of the cultural milestones of the older generations such as moving away from home and buying new cars. A lack of education in the younger generation only raises more question marks as we muddle through the ‘new normal’ presented by COVID-19—and dangers presented for larger gatherings and classroom settings.
Graduate students in the US still continue to bear the bulk of the student loan debt weight, and while the numbers show that many of them come from wealthy families, this may not be your story—and even if it is, you may not have access to funds from family members. This may be especially true if you have graduated and started your career. Unfortunately though, while you may have gotten a pretty good job, private student loan debt may be crushing your household budget. For some, student loan payments to servicers may be higher than rent—or at least high enough to make it nearly impossible to enjoy a good quality of life.
If you concerned about a possible student loan debt default, speak with an attorney from Fitzgerald & Campbell, APLC now to examine your options. In most cases, it is recommended that you take any steps necessary to avoid a default as the repercussions can be extremely negative—and long-term.
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