Read the article from the Milwaukee Journal-Sentinel here
Student loans have become a major and often overwhelming burden for many people in Wisconsin and throughout the entire country. Many graduates face the question of consolidation and determining if it is the right decision. Understanding whether consolidation is right for you involves a discussion about your particular situation, so do not rely on this post as legal advice.
Student loan debt is a major problem in the United States, and is something the lawmakers promise that they are working on. However, in the meantime, it is causing many headaches for hardworking Americans who cannot afford to keep up with their student loan payments.
Most people take on student loans with the hope that they will secure a great education and a job in the years to come. However, these day many people, even senior citizens, are finding themselves bogged down with debt related to student loans. While a bankruptcy filing rarely will allow for a discharge of your student loans, it can help by preventing collection attempts on your student loans while you are in your bankruptcy.
The cost of college and student loan debt is a hot topic in both the state and federal government. While many efforts are underway to reign in these costs and the burden of student loans, there are some things that students can do on a smaller scale to help their financial situation each day.
Last week, we mentioned how as the cost of higher education has soared in the United States, many parents and grandparents have offered to help their children or grandchildren pay the cost of tuition. One way parents and grandparents are doing this is by co-signing private student loans.
Countless individuals in Wisconsin struggle to make their student loan payments each month. While we often hear about student loan debt primarily affecting young people, in reality it's a problem facing a much larger demographic.
Student loan debts currently exceed every other type of debt balance besides mortgages, and this $966 billion debt total is dragging down economic recovery, according to experts. Wisconsin students seeking debt relief from tremendous loan balances are finding that they cannot discharge students loans in a bankruptcy in most cases, leading to focuses on how to pay off thousands of dollars in debt without the help traditionally available to over-extended debtors.
We've all heard of the mortgage crisis, which has effected Milwaukee and the surrounding area along with the rest of the country. Experts now predict the next wave of financial calamity may come from the tremendous amount of student loans held by Americans who can't find jobs that will pay enough to pay them off. No one wants to be in that situation, and Farnoosh Torabi has some advice below that may help you avoid the student loan bubble.
Like so many of our Milwaukee, Wisconsin area clients, when you hire us you'll eliminate or reorganize your debt and be a position to start building again. Miller and Miller has assisted millions of families in rebuilding their financial lives and our services don't end with eliminating debt. Call us today and meet us in Kenosha, or Milwaukee to discuss how to repair or rebuild your credit after enduring tough times. This can help you save in other ways and to begin thinking about things like investing and on that note, here's a great bit of advice from Matthew Burton of Mint.com: