As young people are just beginning a new school year, many of us do not take the time to stop to think about the cost of that education. For those eager young people, waiting to tackle corporate America or some other profession, they will be one of many who have student loan debt. Apparently, student loan debt is jumping up by leaps and bounds, unlike credit card debt.
While credit card and housing debts have decreased since March, student loan debt has leaped up $10 billion in that same time period. Student loan debt is at its highest ever at $914 billion. Because student loan debt is generally not dischargeable in bankruptcy, many borrowers have no other choice except to go into default on their student loans when they do not earn the income necessary to pay on those student loans. If you or someone you know are struggling with their student loans, contact a debt settlement attorney who can provide a solution to this rapidly growing problem.