After reading this article, it is no wonder that the country’s student loan debt exceeds $1 trillion.
The U.S. Department of Education is making for-profit colleges disclose to students whether they are likely to afford the student loans they take out to finance their education. These for-profit colleges are usually much more expensive than public universities, which then forces the student who does not have the money to attend that college or a scholarship to try to finance that education by obtaining a student loan. For-profit colleges have filed papers in court, arguing that they should not be forced to disclose information to students about their ability to repay their student loans. The Department of Education believes that these for-profit colleges would be cast in a negative light if students realized that they would be unable to repay the loans. This fight is far from over. However, many of those students who did take out large student loans who are now unable to repay on the loans wish they had this counseling beforehand. If you or a loved one find yourself one of the many who cannot afford their student loan, contact a debt settlement attorney to help assist in negotiating a reduction in those burdensome student loans.