Student Loans And Debt Management

Much of our country has been hurting financially the past few years

, including recent college graduates. Many of those graduating in May aren't actually looking forward to graduation day, knowing there is a bleak outlook on the job market. Some are even opting to stay in school as long as possible, despite that decision equaling a growing amount of student loan debt. The hard truth is that student loan debt has soared over $1 trillion, actually surpassing credit card debt. Only mortgage debt beats student loans.

Currently those in their 30s owe $28,500, on average. However, younger graduates still in their 20s are carrying much higher balances, mostly a result of a stifled job market. Add to that the stress of growing interest rates. More than 7 million students could see their interest rates on subsidized loans double, the rate climbing from 3.4% to 6.8%. Many are calling for action. Some asking for forgiveness in full or part of their loan. Others are signing online petitions to cap the interest rate at 3% or eliminate it entirely. But the loans have to be payed off by someone. And if it's not by the students themselves, the taxpayers will find themselves picking up the weight.

If you have fallen behind on your student loans and are now in default more than 270 days past due you should first seek out the help of debt settlement lawyers before the student loan debt gets out of control and leads to law suits and then liens, levies, and garnishments. Debt management isn't just for those with credit card debt or people worried about foreclosure on their home, however not too many firms provide services for those with an insurmountable about of loans to pay back. Loan relief, settlement, and restructuring are all viable options, depending on your situation and how much you owe.

Relief from student loans can only come after you've fallen behind. If you're making monthly payments on time, there isn't much a law firm can do to help. Those who are in default, 270 days or more past due, and have collection agencies hounding them, can opt for loan relief. Debt settlement lawyers can speak to creditors on your behalf and try to negotiate a lower payback amount. If lowering your bills isn't possible, there is always the option to restructure the student loans. This will lower monthly payments based on your income, which can hopefully get you back on track.

Without debt management and realistic solutions to get this crisis under control, student loan debt will continue to grow and have lasting effects on the market. Currently, young adults are waiting even longer to get married, purchase homes, and start families. With help and debt management, they can stop putting their lives on hold.

by: Mark Etinger

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