Unfortunately, for many college graduates, a good education isn’t the only thing they are exiting college with. It is also fairly common for such individuals to be taking a large student debt load with them. A recent report indicates that the average debt load of college graduates has been rising quite a bit over the past several years.
The report, issued by the Institute for College Access & Success, looked at what average student debt levels for college graduates upon graduation were in the different states between 2004 and 2014. The study found that, during this period, the national average when it came to graduate student debt level rose by 56 percent.
Wisconsin saw an even larger percentage increase. Average student debt for college graduates upon graduation rose 74 percent in the state in the above-mentioned time period, according to the report. Why do you think Wisconsin is seeing particularly large student debt level increases?
Having a high student debt load can have many effects on college graduates. It can limit their financial choices coming out of college. It could also lead to them facing debt problems in the future.
When a person faces financial struggles related to debt relief, a question they likely have is: are there any forms of debt relief out there for me?
Now, student debt holds a somewhat unique position when it comes to debt relief. There are some debt relief limitations that apply to student debt that don’t apply to most other types of debt. For example, student debt typically cannot be discharged in bankruptcy.
However, these limitations do not mean that individuals who are struggling with student debt have no options for addressing their situation. There are a variety of different debt relief approaches that may be able to help with student debt. For example, even without a discharge of student loan debt, bankruptcy may still have benefits for those struggling with student debt. Bankruptcy attorneys can provide college graduates who are dealing with student debt problems with guidance on what student debt relief options might be good ones for them to pursue given their particular financial circumstances.
Source: The Cap Times, “Average student loan debt in Wisconsin shoots up 74 percent in a decade,” Pat Schneider, Oct. 28, 2015