Student loans - current events - will anything change?

If you listen, read or watch news on the US economy and finances, you know burden of student loans are believed to be a drag on US economic growth. The burden is worse that other debt because there is no reasonable way to get out from under it. Even a mortgage burden can be lifted by giving up the home. But there is no way to give back an education even if you are not using it.

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This is contrary to all ideas of second chances, fresh starts, or getting back on track with your life. While we, in the US, outlawed debtors prison and indentured servitude early in our history, people in financial trouble with student debt probably feel something close to being in prison or an indenture servant. Think about it, how hard it is to function in our electronic world without credit? Obviously, people do it but I don't think it is easy. The impact of student debt and the cost of school has not gone unnoticed in our government.

Here is a recent article that discusses the issue from Senator Al Franken's perspective:  "Sen. Al Franken: Millions of Americans Are Struggling to Pay Off Student Loan Debt & It’s Damaging Economic Growth" http://bit.ly/1SGsEl6. He is joining Senator Elizabeth Warren in her movement to address the student debt crisis. This is worth a read.

 While I don't necessarily agree with all the views of these two political leaders, I believe college costs and debt is out of control. I still pay on my loans and I am 4 years from having my first child enter college. This is an issue for all people in our community. We should become aware of the issue if we are not aware. We should be talking to our political leaders who are not engaged in this discussion.

If your student debt is bogging you down, check the Department of Education website for potential solutions: http://1.usa.gov/1cn75ok. If student debt is only part or your debt problems, bankruptcy may be worth considering. Don't make that decision alone. Talk to an attorney that can help you understand how bankruptcy might provide some relief.

If you want assistance, legal representation, or just want to know more about Mark Medvesky or Medvesky Law Office, LLC, check out our website at www.medveskylaw.com.

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