It is estimated that U.S. student loan debt exceeds $1.2 trillion, with over 7 million individuals currently in default. There is approximately $1.3 trillion of outstanding student loan debt in the U.S. that affects 44 million borrowers who had an average outstanding loan balance of $37,172. It is further estimated that over 77 billion of dollars is currently in default. Put simply – many who attend college or other professional schools are not producing the income necessary to pay their student loan debt. In such situations, it is easy to give-up. You can click to read more about this issue. However, giving-up can be the worst thing you can do. The consequences of ignoring your student loan debt can be severe (learn about it here) , including, derogatory credit reporting, garnishments of your paycheck, garnishments of your IRS tax refund, and even garnishment of your social security benefits. The good news, there are options. The difficult part for any consumer is navigating the various options available, fully understanding the ramifications of each, and making sure you are choosing the option that best works for you.
At the McIntyre Thanasides Law Firm we have formed a student loan law practice group devoted to helping consumers who need guidance in addressing their student loan dilemma and taking back their future. Contact us today to learn more. For more loan options you can also browse around this web-site and get the necessary help.