Like most consumers, you are probably more concerned about finances than ever. While worries over COVID-19 have certainly taken precedence for most Americans, debt issues were already quietly escalating in the background for many before the pandemic began to take hold. Credit card debt and auto debt were already on the rise, along with the ever-present medical debt continuing to lead as the number one reason that individuals file for bankruptcy in the US.
Student loan debt falls into a category all of its own though, challenging over 45 million borrowers now due to pay back $1.64 trillion. Those numbers encompass over 30 percent of Americans, according to recent news which also states that the new cumulative total owed has risen to $1.7 trillion. Everyone is concerned—most especially student loan borrowers; however, the government continues to seek viable solutions before the economy is affected further.
Representatives Ayanna Pressley of Massachusetts, Ilhan Omar of Minnesota, Alma Adams of North Carolina, and Maxine Waters of California are some of the House members involved in calling for a new resolution that would forgive up to $50,000 in federal student loan debt for borrowers.
“The student debt crisis is a racial and economic justice issue, and we must finally begin to address it as such,” said Congresswoman Pressley. “Broad-based student debt cancellation is precisely the kind of bold, high-impact policy that the broad and diverse coalition that elected Joe Biden and Kamala Harris expect them to deliver.”
The pressure is on as the new President takes office, and undoubtedly, student loan borrowers feeling the burden will be giving full attention to progress in the matter; however, once again, private student loan borrowers are being on their own, with little to no assistance unless private loan servicers are offering some sympathy in times of COVID, sometimes offering a month respite from payments or other minimal negotiations for very temporary relief.
If you are on the verge of defaulting on a private student loan, speak with one of our experienced student loan attorneys as soon as possible so you can make the best decisions for your future. This is especially true if you are worried about a collection lawsuit—opening the door to wage garnishments, freezing of checking accounts, and loss of property as it is seized and sold at public auction.
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.