In an ever-tightening job market with interest rates set to begin a long-awaited upward climb, the cost of higher education becomes more and more prohibitive for young adults considering their potential career paths. Student loan programs enable thousands of people every year to attend college when they otherwise would not have been able to do so. Heralded as vehicles by which students are able to realize their full potential, student loans are not without their drawbacks. As the college graduate field becomes more saturated, many students consider taking out additional loans for graduate school. The increased accessibility to higher education weakens the value of a college diploma and crowds the limited number of the job positions which fresh graduates are qualified for.
Aside from the institutional effects of increased availability of education financing (from both public and private sources), the resulting debt for graduates is enormous. Student loan debt is very much an albatross around the neck. It’s one thing if you get an entry-level job for which you are qualified and take the hit payment by payment. It’s quite another if you are unable to find a job that utilizes your degree and are left stranded with a pile of student debt, represented by a worthless diploma. Student loan debt is much like a tattoo – once you acquire it, it sticks with you for life. And unlike tattoos, there isn’t much of a removal process for student loan debt. Student loans are non-dischargeable in bankruptcy, meaning that even if you go through a Chapter 7 liquidation bankruptcy and have all your assets sold to satisfy your debtors and emerge with the “fresh start” the Bankruptcy Code promises, the student loan debt is still there waiting on you.
If you are struggling with financial difficulties and considering filing for bankruptcy, it is important that you speak with an experienced attorney who can present your options and render sound advice. Student loans in some cases can partially or entirely discharged, but it takes an impressive feat of lawyering and a bit of luck. The expert bankruptcy attorneys at Parkman White, LLP have the skills and the experience to help you obtain the debt relief solution that best fits your needs.