reportStudent loans have been covered a lot in the media over the last few years. Debates about how to deal with the overwhelming amounts of student loan debt faced by millions of Americans fill the political arena in both local and national government branches. More people are choosing to go to college to improve job prospects in our tough economy, but college is getting more expensive at the same time. This means many students rely on student loans to pay for the education they need.

Slippery Slope

While education is vital for many career choices, one in five student loans default within twenty years. This means that for many individuals, their student loan debt has become an unmanageable financial burden they are unable to pay off. Once an individual is in this situation, it is in their best interests to contact a bankruptcy lawyer to assist them in reducing or eliminating their debt. Student loan debt rates have hovered just below $30,000 for the last few years. While this is just the average amount owed, it gives a sense of the significant financial impact student loans can have on recent graduates.

If you are unable to pay off student debt, you need legal representation to help negotiate your financial future. Consulting with a bankruptcy lawyer offers the best chance for managing your debt and regaining financial stability. 20% of student loans default within 20 years. If you are one of the many people facing a financial situation you are unable to manage, contact a local student loan debt lawyer to find out how they can help.

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