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Can Student Loan Debt Affect Our Nation's Future Economic Growth?

Posted By Allmand Law Firm, PLC || 9-Sep-2015

Students across the U.S. have accumulated so much student debt since the 2008 recession that it now poses a threat to our nation’s economic growth. Americans laboring under the assumption that they could pay back their loans after college are now finding that they have to put off important life decisions like getting married, starting a family, or buying property because of student loan debt that they cannot repay. This crushing debt is weighing down millions of Americans who cannot afford to buy homes or start businesses that would keep the nation’s economy moving in a healthy direction.

Student loans have skyrocketed 76 percent since 2009 as college graduates have struggled to find well-paying jobs after spending so much on ever-increasing college tuition. Currently, student loan debt amounts to nearly $1.2 trillion. Outstanding student loan debt accounted for far less than auto loans, mortgages, and credit card debt prior to the Great Recession, but now ranks behind only mortgage debt as the top source of consumer debt in America.

According to Experian, a leading credit reporting firm, nearly 40 million people have one or more student loans. Last year, the average student loan debt totaled $29,000. Delinquency rates for outstanding student loans are on the rise even as rates decline for other types of consumer debt. Currently, 11.5 percent of student loans are in default. The combination of high tuition costs and the scarcity of well-paying jobs has made the current higher-education system far from sustainable.

Don’t let your debt put your future on hold. If you are struggling to repay outstanding student loan debt, there is hope for your situation. It starts when you contact an attorney from Allmand Law Firm, PLLC.

Helping Good People Through Bad Times

Although student loan debt is not dischargeable by bankruptcy, people struggling with this type of debt still have options. Consult with a Dallas bankruptcy lawyer from Allmand Law Firm, PLLC to learn more about how we may be able to help you restructure your payments and reduce your monthly expenses. We can help review the circumstances of your case and provide you with a personalized solution to your debt. Take the first steps toward regaining your financial freedom by calling us today at (214) 238-9608 to schedule your FREE financial empowerment session.

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