It’s the brutal reality of higher education in America. It used to be that a student could save a little money from a part time job during the year, or work a full time gig in the Summer, and walk away with tuition, room, and board for the year. No muss. No fuss. College was available to anyone with the desire to attend and the grades to get in.
College Is Supposed To Be A Time To Find Yourself
But now, secondary education is a financial burden, one almost always carried by the young person themselves. As families bail on creating college funds and rates rise at meteoric speeds, loans have become the way of working through the expense. Currently, most graduates leave their institution with an average of $37,000 of debt, and that doesn’t necessarily cover everything.
Instead, It’s Rapidly Becoming A Debt Burden For Graduates
Naturally, this means a lot of individuals are sitting on huge amounts of monies owed, and with limited job prospects, many default. Current estimates have the total loans out at around $1.4 trillion, with more coming every semester. But now there may be relief for some in default. Like the housing bubble when it burst, judges are throwing out student loan cases are creditors can no longer prove a chain of ownership when it comes to the money.
Now, The Courts May Be Providing Some Relief