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Private student loans lead to bankruptcy for Florida graduates

A large number of college students around the country and in Florida rely on student loans to pay for their education. Some of those student loans come from private lenders, which can be more expensive than federal student loans. Not being able to repay private student loans has led many graduates to file for bankruptcy.

A recent report regarding student loans indicated that approximately seven percent of monies borrowed for education last year were private student loans. At the same time, private student loans accounted for account for nearly 15 percent of the nation’s unpaid student loans. That translates to about $165 million in private student loans.

Consumer and civil rights groups such as the Center for Responsible Lending believe this is, in part, due to unfair marketing practices of private lenders. Their programs were reportedly marketed as being somehow better than federal student loans in order to draw borrowers. One analysis surmised that it would be just as easy to pay for college with credit cards as it would private student loans.

Many people are willing to do whatever it takes to receive an education that could give them, and their families, a better life. For some students, that has meant taking out costly private student loans. It was also discovered that graduates with these loans often have total debt over $40,000.

Student loans are generally not a debt that can be discharged in a bankruptcy. However, eliminating other debts that are limiting discretionary income can give a graduate the ability to devote more resources toward paying off student loans. Florida graduates that are looking for relief from large amounts of debt may find that bankruptcy can put them back on the path to financial success.

Source: stlamerican.com, Private student loans no better than using a credit card for college, Charlene Crowell, Nov. 8, 2013

 

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