College students know that getting a decent education is not going to be a cakewalk, either in terms of their studies or their finances. Unlike in years past, however, students are more frequently coming to expect that their college debt will hound them for years, causing them to likely seekdebt relief in Colorado and across the country.
A number of recent media reports indicate that student loan debt is a problem that has the potential to bubble over into the next major "bust" for our economy.
Standard & Poor's has just released a report detailing the problem, which involves higher education institutions that are receiving fewer endowments and students who are graduating with minimal job prospects, and therefore little hope of paying back their loans. In fact, the Project on Student Debt determined that three years ago, nearly 70 percent of college students were strapped with student loan debt after graduation. For students who attend for-profit or private schools, as opposed to state-run universities, the statistics are even higher.
Students at public universities typically run an average debt of about $20,000, while students at private universities run an average debt of between $28,000 and $33,000.
Last year, a similar report was released by Moody's Analytics, which found that while other sectors of the economy are showing improved health, the student loan sector has not. One of the main problems is that institutions have unrealistic expectations of how much a student will make upon graduation. If they aren't making much, they won't be able to afford to pay down their debt.
This is why having an experienced Colorado debt relief attorney is so critical. Sorting through a mountain of bill notices and harassment from collectors is extremely stressful especially when, through no fault of your own, you're either unemployed or under-employed. This is apparently accounting for an increasing number of our youth, as the National Association of Consumer Bankruptcy Attorneys recently conducted a survey, which found that four out of five bankruptcy attorneys in Colorado and throughout the country are taking on clients for whom student debt is a serious problem.