Student loan debt now stands at $1.33 trillion, according to the U.S. Department of Education and millennials pay on average $351 a month. According to a recent survey, half of the nearly 500 respondents between the ages of 18 and 34 with student loan debt, said they would give up their ability to vote in the next two presidential elections if they could have their student loan debt forgiven.
Although, college graduates are more likely to vote than those with less education, half would prioritize their immediate financial well-being over their political beliefs. Here are some tips for millennials struggling with student loan debt:
- Know what you owe.
- Millennials who have graduated and have jobs often qualify for better rates than when they had little to no income at the start of school.
- Get help at work. A number of companies, including Fidelity and PwC, are offering employees help with paying down their student loan debt.
- Seek forgiveness. Certain professions, such as public service jobs, offer student loan forgiveness. Others include public defenders, law enforcement officers, doctors, nurses and some teachers. For example, teachers who work in low-income school districts and teach certain subjects may qualify for complete cancellation of their student loans.
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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 McMaken, 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 McMaken website at www.miamibankruptcy.com.