Student Loan Crisis Continues as Pandemic Leaves Parents Strapped for Cash Too

money with graduation cap

The coronavirus pandemic has struck the world with unexpected, unpleasant force. Seemingly out of nowhere, most of our lives were forced into a strange turn earlier in the year, beginning slowly with restrictions, then shutdowns, then lockdowns—and for many, complete quarantine. The ramifications for health are staggering whether you become ill or a loved one does, along with accompanying concerns like health insurance coverage, medical bills, and the ability to pay for expensive prescriptions. As the pandemic does not seem to be abating anytime soon, you may also be at the tipping point due to enormous financial issues tied to or caused by the viral pandemic.

This could be especially true if you are the parent of a college student, and are helping to pay their way—or they may have already graduated, and you are responsible for paying back student loan debt. Recent news shows that you are not alone in struggles at all, as student loan debt is affecting a large number of parents, leaving them more burdened than ever and helpless to step in and support their older children.

 “Our survey found that 48% of parents lost income as a result of the pandemic, and 44% said they can’t afford to pay for as much of their child’s education as they had originally planned,” said Manny Chagas, vice president of Discover Student Loans. “Those are significant changes at a time when families are thinking about college and exploring funding options.”

Student loan debt may also be accompanied by massive medical bills, forcing many to look toward filing for bankruptcy just to get out from under the weight of money problems and start fresh. If you are currently feeling out of options and stressed about how to get back on track, speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible. While COVID-19 has caused many to veer off track, medical issues as a whole can present astronomical financial complications—resulting in collection lawsuits and even default judgments.

If you are concerned about a possible student loan debt default or are worried about being sued over other delinquencies, speak with an attorney from Fitzgerald & Campbell, APLC now to examine your options. In most cases, it is recommended that you take any steps necessary to avoid a default as the repercussions can be extremely negative—and long-term.

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 info@debtorprotectors.com.

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