Similar to mortgage loans prior to the recession, student loans are given with little to no hesitation. Students who have no financial alternative are quick to take out loans as the cost for college tuition and living expenses continue to increase. The problem arises when it is time to repay these large sums of money.
As former students graduate and are forced to repay loans, the student loans dilemma continues to grow. Many of these post-grads are finding it very difficult to repay their student loans that amount to much more than they might have initially anticipated. The Sun-Sentinel recently reported that one of the top reasons many young adults are living with their parents is their inability to afford housing along with the cost of their student loans.
The cost of education continues to rise, thus the loan amounts have also increased. Data shows that upon graduation, the average 2014 graduate must repay $33,000 in student loans. It is not surprising then that the student loans have become a matter of social concern throughout the country. Many hardworking people are unable to pay their students loans on the entry-level salaries earned post graduation. The consequences of a default can feel overwhelming but, there is help.
When it comes to collecting student loans, there are certain rules and regulations that must be followed. If you are constantly being harassed by collection agencies, hiring attorney representation is often the most effective solution. Please call us for a free consultation on how we can help you renegotiate your student loans.