Soaring American costs of a higher education are causing many student to look abroad to obtain comparable educations. In 2011 two-thirds of college seniors graduated with an average of $26,600 of private student loan debt per student. That was a 5% increase from 2010. This debt increase makes sense given the rising costs. From 2000 to 2011, the cost of a public education rose 42% and the cost of a private education rose 31%.
However, for many students, seeking an education in Canada or the United Kingdom is simply not a viable option. Many students are forced to turn to the private lending market to fund their college educations. If you are a student who has taken out significant private student loans for college and are now struggling to repay them, contact a qualified debt settlement attorney. Many students feel they have nowhere to turn when facing a default on their loan, but that is not true. A qualified debt settlement attorney can negotiate for a large reduction in the principal balance owed on a private student loan.