There are less college students here in Memphis this week as they head towards the beach or other fun and relaxing destinations for their Spring Break.


These Spring Break trips can be quite expensive when you consider the travel, hotel or condo, food and other things. It’s important to note how some students finance their trips.

Parents’ money? Save money up from working? Those are two ways many students are able to finance the trip, but for some, student loans are their means to Spring Break fun.

Students receive notifications every year giving them options to take out student loans. When students have the options to take out student loans, three scenarios can play out.

  1. A student realizes he or she does not need student loans, so he or she doesn’t take any out

  2. A student needs loans to help pay his or her tuition and only takes out the necessary amount.

  3. A student needs zero or a portion of the student loans offered to him or her, but decides to take out the full amount offered so he or she can live big (including paying for Spring Break)

It’s important for students to realize this isn’t free money. A student loan is money that you’ll have to pay back after you graduate, whether you have a job or not. It’s important to be responsible when making these financial decisions.

Take a big picture approach to this. What’s the average income for careers in your major? Are you taking the appropriate steps to solidify a job after graduation? Do you really need this much money in student loans? How many hours can you work during the semester to help pay for your needs?

With increasing college tuition, student loan debt continues to increase with it. However, in many individual situations, high student loan debt can be avoided by making efficient decisions when evaluating how your future could be affected.

I’ve been practicing bankruptcy law in Memphis for over 30 years and it’s not a pretty site to see individuals and families struggling with debt they just can’t pay. Sometimes the debt comes from unexpected conflicts and other times it comes from avoidable mistakes.

However, we live in a country where your debt can be forgiven and you can have a second chance to live a life in which you aren’t controlled by debt.

If you’re struggling to pay your student loans, you should consider a bankruptcy. By filing for a bankruptcy, your student loans payments can either be reduced or delayed through a Chapter 13. By delaying your payments, you can pay off the rest of your accumulated debt and then finish paying off your student loans after.

We also offer resources to help you build a stronger financial foundation after a bankruptcy, such as “7 Steps to a 720.” This 14-week program, which is free for our clients, will teach you how to re-establish and rebuild your credit the right way.

If you’re considering a bankruptcy or if you have any questions, please contact us today, either online or by calling us at (901) 327-2100. One of our experienced Memphis bankruptcy attorneys will be happy to speak with you about your situation, free of charge.