Student loans today are a necessary evil, but unfortunately what was once considered an exciting privilege as well as a necessity for many has turned into a dark, nightmarish $1.6 trillion ball and chain for borrowers in the US. It would be an understatement to say that concerns are mounting; in fact, worries over the student loan crisis are larger today then just that of the individual consumer/borrower. Analysts worry about the entire economy being affected as so many graduates, and those who leave school even without graduating, are not able to hit the common milestones and associated purchases conventionally expected.
Housing is a good example of how the economy could be affected; for instance, if a young student loan borrower or even an older one for that matter leave school and are then crushed by what could be a student loan payment of $350 or more on the average, they probably cannot (or will not) buy a home. They cannot buy a car. They may not even move out of the family home. Consequently, the construction industry could suffer, real estate businesses suffer, and so does every other associated part of that commercial realm.
Throughout life we often discuss whether it is true that money cannot buy happiness. There is no doubt, however, that financial strains undeniably make people miserable. For those borrowers who have barely begun their lives yet are already under massive pressure to meet the demands of student loan servicers, the glow of graduating from college may diminish expansively. Many students state, in fact, that they wish they had not gone.
As young household budgets are under siege, borrowers may not be able to buy the essentials after meeting the requirements of their student loans, and resentments continue to grow for those who may feel like they were sold a bill of goods from the school they attended—heading out into the job market later only to compete with non-graduates for lower paying jobs than originally intended. This is especially true for student loan borrowers who have attended graduate school too, hoping the PhD or masters would launch a great career and plentiful income, only to find that the prospects are dim.
Have you experienced problems with your loan service provider or student loan program, or are you in danger of defaulting on your student loan?
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 email@example.com.