Student loan debt now stands at a staggering $1.34 trillion in the U.S. If you are not struggling with student loan debt, you probably know someone who is. Student debt has surpassed auto loans and credit card debt. But some big changes could be coming as to how the government handles them.
For one, the Education Department may consolidate the number of federal lenders. Currently, there are nine. This number could be reduced to just one. In the president’s submitted budget plan, the federal loan program would move from the Education Department to the Treasury Department.
Studies show students in 2016 graduated with an average of more than $37,000 in student loan debt, compared to ten years ago when it was just over $20,000.
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For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.