Student Loan Debt on the Rise
Students attending college may have financed a portion of their higher education through a student loan or other forms of borrowing because of the high college tuition prices. About 54% of college students took on some debt, including student loans, for their education. Year after year more students are finding themselves with student loan debt after graduation. Student loan debt has been on the rise and doesn’t look like the debt is decreasing. Student loans are the second-largest credit debt in the U.S. behind mortgage loans.
Student loan debt facts as of the beginning of 2019, according to nerdwallet.com and Federal Student Aid are:
- Total outstanding federal student loan debt: about $1.4 trillion
- Total outstanding federal and private student loan debt: about $1.6 trillion
- Total federal student loan borrowers: 43 million
With tuition costs rising each year, student loans help make college education feasible for all income levels. However, with this comes the responsibility to make payments on those student loans. The average student loan debt per student is about $31k. After graduation, paying back the student loans can be overwhelming. Knowing the payment options for the student loan can help. However, making timely payments on those loans can present to be a problem. As reported by the Board of Governors of the Federal Reserve System, 2 in 10 adults are behind on their student loan debt payments.
Student Loan Debt Help in Metro Atlanta
Georgia ranks among the top 5 states with the most student loan debt. Talk to an experienced bankruptcy attorney if you feel like you don’t have many options and are behind in your student loan payments. There may be various options that will help improve your financial situation and make student loan payments easier. The attorneys at Gingold & Gingold are experienced in handling student loan debt.
If you are in the Atlanta or surrounding areas and want to know your options regarding your student loan debt, call Gingold & Gingold today for a free initial consultation.