Student debt among Americans has skyrocketed over the past decade. Growing by 130% since 2008, student debt has become the #2 largest debt in the US, second only to mortgage debt. In a recent report, Millennials coming out of college are being affected by student loan debt, by having to put off starting a family, buying a home, and in some cases, even putting off marriage. In fact, just this year, student loan debt in America hit an all-time high of $1.5 trillion dollars
Recent Student Loan Debt Numbers
When young individuals make the decision to go to college, they typically hear things like, “getting a good education will help you obtain a good job, buy a new home, and start a family. While obtaining higher paying employment is a fact, purchasing a new home is become less and less of a reality for Millennials. In the recent student loan debt survey, over 50% of Millennials are still paying down education bills, and 59% of them stated that they are delaying homeownership because of student loans. According to another report, the vast majority of Millennials are still either renting or living at home.
Options for Indebted Graduates
If you’re struggling with paying back loans, there are a number of resources at your disposal including student loan forgiveness plans and student loan repayment programs, as well as, debt consolidation programs. For individuals who also have a large amount of medical debt or credit card debt may be able to file for bankruptcy protection which may be able to discharge unsecured, non-student loan related debt allowing you to focus on paying off the student loans. Contact a Dallas bankruptcy attorney if you feel that student loan debt is ruining your hope of the American Dream.