Student Loans: Education Today, Debt Tomorrow
Published 02/08/18 by Admin
A lot of people can only achieve employment that provides both personal and financial rewards in their chosen career field through a two-year, four-year, graduate or adult continuing education program. Since the cost of higher education increases year-to-year, most of these students and/or their parents must take out expensive loans to invest in their future.
How Education Debt Increases
Employment competition has also increased on a yearly basis making it difficult for some students to even find the type of work after they graduate that will make it possible for them to easily pay off their loans. Additionally, unexpected life events force some students and parents into sudden, precarious financial situations where they can’t afford to pay back the money that they borrowed and face late fees, increased interest and other additional costs. As a result, plenty of current students and workers struggle to pay monthly living expenses and experience worry and anxiety more than the confidence and hope promised by mentors and teachers.
Ending the Debt Cycle
The most obvious way to end the debt cycle is for students and parents to find creative ways to pay for school that don’t involve large loans, such as offline fundraisers and online crowdfunding requests, setup of early childhood savings accounts and grant applications. They should also look into alternative payment and education options, such as work-study programs and free online credit courses by major universities that only charge a one-time certificate fee.
If you or a loved one are already in deep debt and unable to meet obligations, loan servicing companies typically offer options like forbearance, deferment and income-sensitive repayment programs. Otherwise, your next step would be to speak with an experienced bankruptcy attorney in Columbus OH like those found at Barr, Jones & Associates LLP instead of attempting to handle the situation on your own. A bankruptcy expert can help you understand the bankruptcy process and achieve the outcome you desire so that you can feel hopeful once more.
You Can Enjoy Life!
Education should never create a burden for students and their parents. For more information or to schedule an appointment to learn more about how you can get out of a current debt crisis faster, contact Barr, Jones & Associates LLP today. Our professional attorneys proudly help Ohio students and their loved ones create a fresh start.