Student Loans Leading Cause of Debt in United States

By Robert Jacovetti

It’s official: college debt has officially dethroned credit card expenses as the largest chunk of debt in the country, affecting over 43,000,000 million Americans and totaling approximately $1.4 trillion dollars. Americans have difficulty paying back student loans for a variety of reasons, not the least of which being that, in a cruel sort of irony, they haven’t been able to get a job after college. Some critics of the student loan lending process argue that it’s irresponsible to let teenagers, many of whom haven’t even had so much as a credit card, borrow hundreds of thousands of dollars with interest.

The good news is that there are more ways than ever to make student loans manageable from month to month. This may require playing the long game (paying the loans off over the next 25 years), but chances are if you’re borrowing $100,000 for four years of school, you weren’t going to pay that off in a year anyway — if you can, you’re very fortunate.

One of the most effective ways to organize and pare down your student loan debt is through the consolidation process, preferably through a federally backed program that can offer a reduced interest rate. This process can cut your monthly payments considerably.

Unfortunately, in most cases, student loans will not be eliminated even by the bankruptcy process unless you can prove that paying them would pose a significant hardship to you. Contact a seasoned debt negotiator like Bob Jacovetti for more information about how you can pay down your student loans. An experienced lawyer, Jacovetti will discuss other special programs available to you, depending upon your line of work, that may reduce or even wipe out your student loans. There are currently programs for a variety of professions, including school teachers, first responders, and non-profit workers.

If you’re facing relentless creditors and collapsing under the weight of your own debt, your best bet is to enlist the help of an experienced attorney that can guide you through the debt negotiation process.

Don’t let your debt consume you. The Law Office of Robert Jacovetti can help you negotiate with creditors, reduce your monthly payments and help you work toward a fresh start. Contact us today for a consultation.