The Effects of student Loan Debt on College Graduates

Student Loans Bill 2014 - The Effects of student Loan Debt on College Graduates

It's June and it seems like graduation season is in full swing. In the mean time, student loan debt is on the rise and is currently more than .16 trillion dollars, exceeding reputation card debt in the United States by 5 billion. There seems to be a domino succeed that this mammoth debt has on college grads. Tuition continues to rise and jobs are scarce. It's retention back our economy and here's why.

Student Loans Bill 2014

Economic markets that have been impacted thus far are the mortgage market, small businesses, relinquishment protection and consumer spending. When grads are having their entire paycheck evaporate from debt repayment, they can't buy a home, start a firm or save for retirement. We need to rethink how we pay for college, and how much we're willing to pay for an instruction in America. In the meantime, the debt load on our hereafter leaders is forcing them to live in abject poverty during repayment.

Living in poverty may be a long-term health as these graduates pay off a student loan debt that looks more like a mortgage in the total whole due. While a present undue hardship is one step toward getting these loans discharged in bankruptcy, alone it is not sufficient for bankruptcy to help. Bankruptcy courts around the country differ in their coming to determining the dischargeability of student loans, but most will use a totality of the circumstances approach. Until Congress takes activity to change the current rules in Bankruptcy, the economic will continue to drag along carrying an addition pile of debt.

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