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Student Loan Topics: Most College Kids Suffering From Financial Difficulty Right Now

  • Jan 28 2021

While 2020 seemed to offer nothing but worry, most of America expected we would snap out of it within a few months—at first. Quickly though, experts warned we could be dealing with COVID through fall, and then perhaps much longer. Now, numbers just continue to climb, hospitals are filling to capacity, and millions are sick. The future seems questionable in terms of going back to life as it once was.

Life goes on for most, however, although the “new normal” still takes a lot of getting used to. This definitely applies to the educational system—but still, students are still applying for student loans and receiving them, despite extremely unsure times. Students are still packing up their belongings and heading off to dorms, socializing, eating in cafeterias, and even attending some limited time in classrooms. Still, the experience is much different than before, as demonstrated at so many graduations, where those receiving their diplomas could not do the traditional “walk” or attend the usual large ceremony.

Recent news cites figures showing that four out of five college students are under financial duress though.

Parents may not be as able to help out either due to their own job losses and financial worries, meaning that they cannot take out loans to help like they did in the past either. Students may be making their way onto campuses around the nation, as well as online programs, but sadly, one in four have now also lost their jobs due to cutbacks related to COVID. These funds are often immensely needed too as students are paying for tuition and living expenses. Unemployment is also an added blow for those who just received their first jobs and were enthused about entering the workforce.

Now, these students are challenged to pay their bills and take on basic expenses like groceries. Anxiety begins to pervade every aspect of the college experience too, as money worries hover. Students may begin having greater anxiety about tests, grades, and more. Reports show that African American and Hispanic students are having a more difficult time financially also, in comparison to white students.

If you are having trouble keeping up with your student loan payments, or are worried about a default or impending collection lawsuit from a private student loan servicer, it is recommended that you do everything to avoid the long-term repercussions that could emerge from such problems. Speak to an attorney as soon as possible regarding your options. 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 info@debtorprotectors.com.

Posted in: Student Loan Debt