College students graduating and entering the work force are quickly discovering that their dreams of finding the perfect job, purchasing a home and starting a family, are just that – a dream. In fact, that far-off vision of retiring after working a job that they love and living their remaining years in a secured financial status hardly seem like reality. These visions are dashed as soon as they get that first loan statement showing just how much their education has cost them.
Many of these graduates are struggling to even make enough money to make their student loan payments, let alone save for a home or retirement. It is now estimated that 44 million Americans have some type of student loan debt, which is now estimated at $1.5 trillion.
While getting an education is arguably an important goal, the cost of a four-year degree is becoming too much for many students to bear. With the high costs to attend a university, most students have to take some type of financial aid, including public and/or private student loans. The average student now walks away with $35,000 in student loan debt, but many of them have much more than that if they choose to go to a private university or go onto graduate school, law school or medical school. It is not uncommon for a student graduating with an advanced degree to owe over six figures in student loan debt.
Education researchers are now saying that these figures have indicated we are at a time of crisis. After graduating, many student loan borrowers do not get a job with an income high enough to meet basic living expenses and afford to make their monthly student loan payments. This situation only sets them up for the possibility of defaulting on their student loans, a figure which is now estimated to be $560 billion in unpaid student loan debt.
Forbearances and deferment oftentimes only postpone the inevitable, while interest accrues every month and the overall balance balloons, extending the repayment period even further.
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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. There are ways to file for bankruptcy with student loan 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 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.
