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Graduate Students Bearing the Largest Burden of Student Loan Debt

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It would be a wonderful thing indeed to attend college simply for the educational aspect, to broaden the mind and expand far beyond what is learned in high school. For the rare few, an eye-opening education allows them to find their greatest interests, passions, and move forward to change the world, without much of a thought toward finances. Most of us must face reality though, and our educational choices are based on not only what we are interested and have an aptitude for, but also what will arm us with a sufficient income later. Depending on a student’s background or aspirations, perspectives on what a good income is vary—but to get to that point an investment must often be made in schools with tuition so high that financial assistance is necessary. While any available grants and scholarships should be relied on first, federal loans may also be necessary—and often in combination with private student loans too, depending on tuition costs.

Graduate Students May Take Out Three Times More in Student Loans

Graduate school may be necessary to attain both educational and future financial goals, and again rising students may need to depend on student loans. While making commitments for four years of college may be costly, graduate school usually requires substantially more in student loans—not to mention the extra years required before the student can move forward to embark on a career.

Recent news explores data showing that graduate students tended to take out student loans over three times that of undergraduates. Not only that, but graduate students in need of loans for $75,000, signing a large portion of their future income away, increased by double from the years 2008-12. And while they may be full of optimism for the future, encouraged by family, friends, and the marketing of the schools they are attending, a new report also shows that students may later not make anything close to what they had hoped for. Many student loan borrowers are younger and have little financial experience, and with such a lack of money management, they just do not understand the serious commitment they are making to what could be quite large monthly payments for many years. Those who delve into degrees for art, philosophy, or teaching may have a more difficult time later as their fields often result in lower pay.

More Counseling is Needed for Students Seeking Financial Aid & Loans

With access to funding for graduate school, and usually with no credit required for federal loans, students may easily overextend themselves for the future, being forced to put their lives on hold later when they should be achieving the normal milestones like buying a home or opening a business. Many experts, and critics, blame the lack of education regarding paying for education on the schools. Many colleges and universities do not have the resources to offer sufficient counseling to students about to take out loans they may have trouble paying back later. Such preventative measures could make a vast difference in the ever-growing student loan debt crisis in the US though as so many face serious delinquencies and even student loan defaults later.

Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at

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