Over the last decade, student loan debt has jumped to an all time high of $1.4 trillion. The average outstanding balance for college students is $34,144. According to a recent survey, 80 percent of working professionals with student loan debt said it is a source of “significant” or “very significant” stress.
Many millennials said student loans have impacted their ability to go on vacation, buy a car, pay rent or afford necessities like food and clothing. Then there are the long term effects, such as buying a home, getting married or having children. A number of young adults have to put these major milestones on hold.
For a graduate with a bachelor’s degree, the typical student loan payment is approximately $265 a month, but some students have $400, $800 or even $1,200 a month in student loan payments.
According to a separate report, more than 60 percent of those surveyed said they fear their student loan debt worries are spiraling out of control, even more reported suffering from headaches or lack of sleep from the stress.
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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.