The Effects of pupil Loan Debt on College Graduates

Student Loans Bill 2014 - The Effects of pupil Loan Debt on College Graduates

It's June and it seems like graduation season is in full swing. In the mean time, student loan debt is on the rise and is currently more than .16 trillion dollars, exceeding prestige card debt in the United States by 5 billion. There seems to be a domino result that this expansive debt has on college grads. Tuition continues to rise and jobs are scarce. It's holding back our cheaper and here's why.

Student Loans Bill 2014

Economic markets that have been impacted thus far are the mortgage market, small businesses, resignation security and consumer spending. When grads are having their whole paycheck evaporate from debt repayment, they can't buy a home, start a company or save for retirement. We need to rethink how we pay for college, and how much we're willing to pay for an education in America. In the meantime, the debt load on our future leaders is forcing them to live in abject poverty while repayment.

Living in poverty may be a long-term health as these graduates pay off a student loan debt that looks more like a mortgage in the total whole due. While a gift undue hardship is one step toward getting these loans discharged in bankruptcy, alone it is not sufficient for bankruptcy to help. Bankruptcy courts colse to the country differ in their approach to determining the dischargeability of student loans, but most will use a totality of the circumstances approach. Until Congress takes action to convert the current rules in Bankruptcy, the economic will continue to drag along carrying an expanding pile of debt.

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