Student loan debtors today span from rising freshman just exiting school and in their teens to senior citizens who may be in unexpected—and considerable—debt in their golden years. Burdened is a common term used to describe so many of the over 45 million borrowers struggling to pay off a cumulative $1.6 trillion debt, also referred to as a crisis—and now, all extremely challenging to deal with in the midst of a viral pandemic throwing over 35 million consumers out of work.
There is a continued focus on the younger generations and their problems with student loan debt, but with the number of years it may take to pay off such loans, millennials may be headed into (or well into) middle age by the time a debt is satisfied. Recent news cited data (previous to the COVID-19 data) stating that it takes 18.5 years to pay off a student loan on average; however, this could go on longer if loans have been refinanced over a greater period of time, or if borrowers have negotiated deferment of payments—something that is much more common today due to the pandemic.
Unfortunately, nearly every age group is affected, whether 18-year-olds are just heading off to college, parents are taking out loans to help their kids, professionals are going to graduate school, or later-in-life students are carrying balances into their retirement years. And while seniors may be dipping into their retirement funds, younger borrowers are cashing in their 401K accounts too, jeopardizing their financial future to deal with the financial stress of the present. Parents helping to pay for their adult kids to go to college may also still be paying off their own loans.
As for which types of professionals are paying the highest balances, recent news cites data indicating that private health care and social assistance workers on average pay the highest monthly at an average of $685. If you are currently experiencing challenges with paying on your private student loan, speak with an experienced student loan debt attorney as soon as possible. We recommend that you do everything possible to avoid defaulting.
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 firstname.lastname@example.org.