More and more American graduates are having difficulty keeping up with their student loan debt. This creates a worrisome financial situation for graduates – one of the worst in 20 years.
Storm Ainsley, 26 years old, graduated years ago, however she is still feeling the effects of college, and not necessarily the way one would imagine or desire. Ainsley owes over $85,000 in student loans, leaving her unsure if she will ever be able to feel the satisfaction and freedom of being debt free.
Ainsley received her undergraduate degree in fine arts and then continued on to earn her master’s degree in writing. Unfortunately, with the interest accruing on her loans and bill collectors knocking on her door, Ainsley felt pressured to put her dream career on hold and take on a secure and unrelated job.
With college tuition increasing and government aid decreasing, there are a record number of graduates like Ainsley, pondering whether or not higher education is a worthy investment.
“I have never had a credit card. I’ve never bought anything that I couldn’t afford other than a good education, and I feel unbelievably stupid for doing so,” Ainsley said.
Furthering your education in the pursuit of your dream career is not stupid and student loan debt should not slow you down. If you are overwhelmed by student debt and feel like there is no escaping it, just know that there is a way out.
Student loans can be included in a Chapter 13 bankruptcy. The bankruptcy can allow you to delay or reduce your payment obligations.
Reduce student loan payment – If you can afford the payment, this will allow you to include the student loans in your bankruptcy and pay over 5 years at a low interest rate.
Delay student loan payment – If the debt is just too high, you may not have to pay anything towards your student loans during your bankruptcy repayment plan, but instead just pay the interest. Then after 5 years, once the rest of your debt is paid off through the repayment plan, you can continue to pay your student loans.
We care about you and want you to be debt free with the freedom to pursue your dreams. We specialize in helping you get out of debt as quickly as possible by filing the type of bankruptcy for you and your unique situation.
We want you to know that bankruptcy is nothing to be afraid of. If you have questions or are considering bankruptcy, contact us today at (901) 327-2100. For more information, visit us online.