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Debt relief options for student loans

Some of the biggest buzz words, when it comes to debt relief, refer to adults who have hit a struggling point in their careers. Words like foreclosure and repossession are used to give people an indication of the types of tragedies they can avoid by filing for bankruptcy. But what about one of the biggest problems facing the future of America? What hope is there for the young adults who don’t even have homes to foreclose on or vehicles to repossess?

In total, 40 million Americans are saddled with student loans, the debt of which is more than $1 trillion. With some of the top universities in the nation, Texas students are no strangers to such debt. One of the most difficult problems to tackle with student loans is the lack of debt relief options available, despite how serious the problem is. A study published last year concluded that student debt is one of the reasons that young adults are not making big purchases like cars or homes.

We understand an inability to cope with student loan debt is often not the student’s fault. We aren’t living in the strongest of economies, and marginal job opportunities with less than ideal salaries make it nearly impossible to keep up with the rising cost of tuition. Unfortunately, student loan debts are usually not dischargeable with bankruptcy filings.

However, that doesn’t mean there are no debt relief options for individuals struggling with student loan debts. Taking advantage of some of the other debt relief options the law provides can allow you to focus on only the expenses you absolutely have to meet, including food, shelter and student loans. Talking to an attorney is a good way to start learning about your options.

Source: Ozy.com, “Of Debt + Degrees,” Pooja Bhatia, March 1, 2014

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