The past year has brought significant letdowns for millions of people around the world, with COVID-19 causing problems on many levels—primarily related to health, social activities, and finances. As over 50 million were out of jobs abruptly soon following spring of 2020, the repercussions to the economy were swift and far-reaching. Workers on every level lost their jobs, saw hours cut, or were relegated to an entirely new dynamic of working from home.
Job markets may be opening back up, causing optimism for some currently, but for the younger generations, competition can be fierce. Getting back on track can be extremely challenging, and for younger workers who may have just gotten their first real jobs —only to be shoved right out of them—recovering may take considerable time.
Recent news shows that over half of Millennials have experienced financial stress due to COVID-19 issues. Their expenses continue to increase, and they are also experiencing a huge disconnect overall from work, financial goals, and more.
This stress is only increased by debt issues like collection lawsuits, default judgments, and continued pressure by creditors and debt collection agencies over growing delinquencies.
Student loans play a large role, as always, and especially for these generations too. While federal loans have very publicly been deferred for borrowers over the past year, individuals with private student loans have continued to suffer for the most part, although some servicers have offered minimal help. The problem is that as borrowers continue to fall behind, the potential for collection lawsuits grow—and there are some vast differences between defaulting on a federal loan and a private student loan, mainly in that serious legal action can be taken by a private loan servicer.
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.