With capitalized interest, tens of thousands of dollars in debt and high monthly payments, it seems unfathomable that student loan debtors could face additional obstacles. However, student loan scammers have been costing recent graduates thousands of dollars. In a recent article posted on Nerd Wallet, a financial statistics website, several students gave horror stories about how they were targeted by scammers. One woman interviewed had recently finished an undergraduate degree in computer science and held $35,000 in student loan debt. After hearing an ad on the radio claiming she could reduce her high monthly payments, she jumped at the opportunity. What the recent graduate did not know, is that the advice the scammers had planned to give her can be obtained at no cost. The company required the woman to pay a one-time processing fee of $695, and it would work with the Department of Education to consolidate her loans…
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It’s a topic that has been showing up over the last couple of years and appears to be gaining steam. Student Loan debt loads may be hurting the economy. As a generation graduates with higher student loan debts than any before it, economic data is starting to show these young people are having increasingly difficult times paying back their student loans or contributing to the economy through car or home purchases. Forbes- February 2012: Student Debt the Next Financial Crisis? Washington Post February 2014: Student Debt May Hurt Housing Recovery New York Times – May 2014: How Student Debt May Be Stunting the Economy Just last week, President Obama issued an executive order designed to provide help to approximately 5 million student loan borrowers. We have been seeing it for a while. As bankruptcy attorneys in Kansas City, we get phone calls from potential clients seeking information about their bankruptcy…
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A question that often comes up when we speak with clients is how to tackle student loans when it comes to bankruptcy. Oftentimes, a young family is swimming in debt, a significant amount of which is in the form of student loans. A recent article in on CNN Money brought to light just how dire the student loan situation has become. According to the article, the average student loan debt of a person who graduated in May 2013 was $35,200. For many, this debt is manageable until they get married and now have two combined student loan payments, plus a mortgage, plus medical bills, etc. Student loans have their own set of requirements when it comes to bankruptcy. Loan companies are not going to easily forgive the debt of student loans. Below, you will find a few things to consider when trying to recover from the mounting debt of college…
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