' Growing Student Loan Debt - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Student Loan Debt Continues to Grow at Astronomical Rate

Most people assume the worst financial struggles are related to job loss, medical bills, and various other occurrences in life that are somewhat out of our control. You can save in a rainy day fund to help with these occurrences, but you can never predict when they might occur and exactly what might happen.

These are common reasons for financial crises and bankruptcy, but there is another factor that often drives a person over the edge financially – student loan debt.

The loans people acquire at 18, 19, or 20 years of age – well before they have fully launched into adulthood – are causing financial problems 10 and 20 years into the future. People are having a difficult time making ends meet in their 30s and 40s because of the debt they took on when they were just beginning their adult lives.

Some financial experts believe the problem is so severe they describe the growth of student loan debt as a ticking time bomb. It is not only affecting people on an individual level, it is threatening to crush the nation’s economy. MarketWatch’s new student loan debt clock shows the nation’ student loan debt growing by more than $3000 per second, adding to the more than $1.2 trillion load already in place at a frightening rate of speed.

In addition to the general burden of debt, student loans are preventing young adults from buying homes and making other big ticket investments, stunting economic growth more than ever before. There is also evidence that fewer than 40% of borrowers are actually paying down their debt.

Is It Worth It?

For many, taking out a huge chunk of debt before their quarter century mark pays offs. Their earnings over the first decade or so of their working life is more than enough to pay off their debt, so what they borrowed is just a fraction of their life-long earning potential.

Unfortunately, this is often not the case. And somewhat surprisingly, it is those with less student loan debt that struggle to make their payments. Perhaps this is because they borrowed and only attended a few years of college or because they borrowed to pay for only a two-year school. In some cases, the biggest student loan debts are owned by those with the greatest earning potential – people who borrowed to attend law or medical school – and those with less debt are in fields that pay far less.

What Can You Do?

As a parent or a student, one of the most important questions you can ask before borrowing to pay for college is whether or not the investment is worth it. In general, people value education and are willing to borrow money to pay for it, but families need to consider their specific circumstances.

If a student borrows tens of thousands of dollars to pay for a career that will only earn him or her $25,000 or $30,000 per year, a rethinking of education and career strategy is in order. There are options, but too often young adults rush into borrowing to pay for their degree and in the long run it hurts them financially.

Are you drowning in student loan debt? Did you borrow a great deal of money to pay for college and now you are struggling to meet your repayment obligations? You are not alone. Contact Law Offices of Robert M. Geller at 813.254.5696 to discuss your options.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Do Both Spouses Have to File Bankruptcy?

For some couples, filing for bankruptcy is the best way to get out from under crippling debt. But what if...
Read More

Will Bankruptcy Ruin My Life?

Bankruptcy is a legal solution for people struggling with unmanageable debt. It can be a difficult decision to make. In...
Read More

Can Bankruptcy Take Inheritance?

Are you considering bankruptcy? Do you have concerns about your assets? Can bankruptcy take your inheritance? Here’s what you need...
Read More

Can You Go to Jail for Filing Bankruptcies?

Bankruptcy is a difficult decision. However, it can be necessary if you are struggling with debt. This is true whether...
Read More

Can You File Bankruptcy If You Don’t Have a Job?

Filing for bankruptcy is an intimidating prospect. Unemployment adds another layer of complexity to the situation. Can you file for...
Read More

Who Pays for Bankruptcies?

When a debtor files for bankruptcy, the court discharges the majority of their debt. This means that the creditors must...
Read More

Do You Have to Go to Court to File for Bankruptcy?

If you are considering filing for bankruptcy, one of the biggest questions you may have is whether or not you...
Read More

Can You Rent After Bankruptcy?

Filing for bankruptcy can be an overwhelming experience, and it’s important to understand the implications of this process before you...
Read More

Can You File Bankruptcy on Unemployment Benefits?

If you’re considering filing for bankruptcy due to financial hardship, it can be helpful to understand the various options available....
Read More

Do Bankruptcies Show Up on Background Checks?

The decision to declare bankruptcy can be difficult, and it is important to be aware of the potential consequences. One...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions