Student loan debt continues to be an ongoing issue and one that many Texas lawmakers and Texas bankruptcy attorneys have weighed in on heavily. While there have been serious discussions revolving around allowing graduates to include their student loan debt in Chapter 7 and Chapter 13 bankruptcies in Texas, no clear guidelines or legislation has been adopted as of yet. So what can a student do to prevent going into massive debt to attend college or university in Texas? Many future students, it has become more than a foresight as they do extensive research on the best value and best education that they can afford. Knowing which schools student’s leave with the highest amount of debt may help prospective students better assess how obtaining their degree will affect their finances.
Out of a total of 250 private and public colleges in Texas with the highest debt load for graduating seniors, 14 are located in Texas. The school in Texas with the highest average student debt is Baylor University with 91% of students receiving some type of financial assistance and an averages student loan debt of $44, 859 after graduation.
Other Ways to Avoid Student Loan Debt
The average student debt for Americans leaving a college or university edged up to $28,288 in 2018 and while the increase in student loan debt has abated it continues to be a problem.
On many occasions, a student wants to attend a specific university that houses a field of study that is deemed superior to other educational institutions. In this event, there are other applicable solutions to avoiding amassing large amounts of student loan debt. These can take the form of scholarships, grants, forgivable student loans, and/or attending anon-traditional university.
A quick trip to the financial aid office at your college or career school will be worth the time when seeking information about scholarships and other forms of financial assistance for school. Scholarships are monies set aside for students who apply for them and do not have to be paid back. Students can apply for scholarships through filling out a Free Application for Federal Student Aid (FASFA) and also seeking out private scholarships through websites such as Fastweb and ScholorshipPoints.com.
Similar to scholarships, grants are money specifically set aside for college expenses that don’t require the student to pay them back. Grants are also available through FASFA as well as Grants.gov that will outline specific requirements for education grants.
Fears of government dismissal of loan forgiveness programs in the US have abated and are still available to graduates now. Forgivable loans entail taking a position in an underserved area or profession in exchange for partial or complete college loan forgiveness.
Due to the massive amounts of student loan debt, enterprising individuals and groups have been looking at creating a paradigm shift in how individuals obtain college degrees. Among these are the micro-degree, online degree, and tuition-free universities. Each operates in a specific niche of saving individuals from piling on debt while learning new traits and skills. Lastly, the Obama associate degree program is still in effect for non-traditional students. Taking advantage of this can allow for some new doors to be opened in the future.
Student Loans in Texas
Everyone on the planet has the right to an education. Furthermore, obtaining a college degree shouldn’t have to be a form of financial suicide. With advanced planning and research efforts, you should be able to find the type of education you seek without having to sacrifice your financial future. If you’re a recent graduate and student loan debt is preventing you from purchasing a home or starting a family, contact a Dallas bankruptcy lawyer to find out if you’re situation warrants filing bankruptcy.