We probably don’t have to tell you that it’s expensive to put yourself or a loved one through college. Student loan debt has increased steadily to where we’re now seeing undergraduates averaging more than $23,300 in debt at graduation. This is in addition to the average of roughly $3,000 in credit card debt for each college student. If you consider the above, then take into account the fact that average income has declined or held steady over the past several years, it doesn’t take a math major to figure out that there is a problem at hand.
The Baltimore Sun recently published an article pointing out that student loan debt now exceeds credit card and auto loan totals. (Click here for the article) Millions of Americans are struggling to make ends meet as a result of high student loan payments. ”Just as the housing crisis has trapped millions of borrowers in mortgages that are underwater, student debt could very well prevent millions of Americans from fully participating in the economy or ever achieving financial security,” testified Illinois Attorney General Lisa Madigan on March 20 before a U.S. Senate judiciary subcommittee.
Although student loan debt is not dischargeable in bankruptcy except in very extreme circumstances, Abelmann Law also specializes in debt counseling and finding creative solutions to your financial worries. Please call or email to schedule a free consultation.