For many recent college graduates, the idea of paying off college debt may seem overwhelming. The idea may be even more overwhelming when the recent graduate remains unemployed for weeks, sometimes even months after graduation.
A recent study showed that the average student loan debt for those who graduated college in 2010 exceeded $25,000 for the first time ever. To make matters worse, those who continued with more advanced degrees end up with debt upwards of $100,000. This debt is debt that cannot be discharged and must be paid by the college graduates throughout their adult lives.
Many people are keenly aware of the general rule that student loans are not dischargeable in bankruptcy. However, what many people may not be aware of is the fact that many college graduates are being forced to file for bankruptcy because of their student loans.
The monthly expenses and bills keep adding up and student loan payments become due. College graduates are finding it more and more difficult to keep up with their living expenses and their student loan payments, especially when many of their student loan payments rival the amounts many homeowners pay in monthly mortgage payments.
The current student loan crisis is one that is not going away. And with each passing year of new college graduates, many young people are finding out the hard way that these large student loan payments make the ultimate goal of “making a living” that much more difficult.
An experienced attorney can help you find reasonable and practical ways to get your finances under control. Don’t let student loan debt or other consumer debt ruin your financial future. Talk to an experienced consumer debt lawyer today!