Bankruptcy Attorneys Report Major Jump in Student Loan Debtors
Student loan debt is pushing an increasing number of young people and their parents toward bankruptcy, according to a survey released Tuesday by the National Association of Consumer Bankruptcy Attorneys (NACBA.) The NACBA say they were one of the first groups to warn of the rising mortgage crisis and they’re now forecasting a “Student Loan Debt Bomb.”
“Take it from those of us on the frontline of economic distress in America,” said William E. Brewer Jr., the group’s president. “This could very well be the next debt bomb for the U.S. economy.”
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I understand how these student's loans really helps students in financing their education. I myself have relied on these loans way back attending college. They are really of great help. However, indeed the drawbacks are uncontainable, especially if you get yourself drowning with debts. What is more dolorous about this, is that the rates are set to double by July this year unless Congress acts. We all know that, Subsidized Stafford loans are one of the most common loans that college students get and one of the benefits of them is that they carry low interest rates. The rates going up along with student loan rates that comes just at a hazardous time, as more students have to take on more debt.
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