As tens of millions of individuals have lost their jobs (not to mention how many tragic cases ended in fatalities), much is uncertain today; however, that is not true when it comes to the hope and ambition most parents have for their children and the younger generations overall—still believing in the power of education beyond a high-school diploma. Recent news confirms this, citing data from a new study showing that while the majority of parents are concerned about how college will be financed, 67 percent still see this type of education as a good idea despite instability during a viral outbreak.
More than half of the parents polled in the study have concerns about the amount of financial aid their adult children are receiving. Students getting ready to college confirm that they are thinking about staying closer to home. They may also now seek less expensive schooling or delay their plans altogether.
With the student loan debt crisis continuing to loom over the US economy, it sounds as if parents have been forced to open up a larger conversation with their adult children today. Economic strife for so many has superseded everything else, but as schools begin to open back up, the reality is that students expect to attend. Many rising freshmen may have worked tirelessly for years to get into the schools of their choice, and despite unrealistic tuition cost, they still want to pursue longtime dreams. Often, students are the offspring of alumni, and again it is just expected that they will follow expectations in place for years already. This is where student loans come into the picture, making it possible for borrowers from many lower-income families to attend college also.
There may be added complications now though, and if you are being affected, that could be as a student getting ready to go to college or a parent guiding your child (and one who could be paying off your own students loans still too). You may be concerned about finances comprehensively due to job loss, a cut in hours, and an overall hazy future outlook as we all navigate the unknown. If you are a student borrower however, and you are worried about the potential of a default, do not procrastinate further in consulting with a skilled attorney. It is recommended that you do everything possible to avoid the negative repercussions of a student loan default, which could include collections lawsuits, default judgments, and consequences that are challenging to handle for years to come.
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 info@debtorprotectors.com.