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College dropouts struggle with student debt Atlanta, GA

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College dropouts struggle with student debt

a gavel over a pile of banknotes

In the past ten years, the college enrollment rate has increased by nearly 40 percent. However, what was previously considered to be a logical, if not necessary next step after high school is now being looked at more closely, with the jump in student debt and the lack of jobs for new graduates.

But these problems are even more dire for the students who enroll in college and end up dropping out. These students are taking out student loans at the same rates of those who eventually graduate, but are much less able to pay them back. In fact, college dropouts default on their loans about four times more than graduates.

According to a recent study by The Education Trust, more than 75 percent of students who enroll in private, for-profit colleges never receive a degree. The problem is not unique to those institutions, however: all colleges have reported increases in dropouts in the last decade.

Similarly, the number of students who dropped out after taking out student loans has also increased. Ten years ago, less than 25 percent of students who took out loans ended up dropping out. Now, that number is near 30 percent.

Critics say that these rising numbers are indicative of the need to reexamine the public policies that push access to higher education without giving students the tools to pay for their schooling or finish their degrees. According to Jack Remondi of student loan lender Sallie Mae, a student with debt but no diploma is not set up for success. “They have the economic burden of the debt,” he said, “but they do not get the benefit of higher income and higher levels of employment that one gets with a college degree.”

Source: Pittsburgh Post-Gazette, “College dropouts are drowning in debt,” Suzy Knimm, May 29, 2012

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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