With such a sparse job market, many recent college graduates are finding it difficult to obtain gainful employment, and as a result are defaulting on their student loans. While many lenders offer lower payment programs meant to assist graduates who are less financially stable, the student loan default rate continues to rise. According to Consumer Reports, the most recent data available shows that the national default rate for student loans is currently at 7%.
Especially problematic, seems to be those student loans that are associated with for-profit schools, or those schools which are run by private companies seeking to make a profit from a student’s education. Currently, the trade-off between a degree and a high paying job seems to be more or less hit or miss. That is, in comparison to past college students and their abilities to find higher paying jobs, recent crops of college graduates are finding it extremely difficult to find any employment whatsoever.
Difficulties staying current with loan payments – housing, or otherwise- can seriously inhibit an individual’s ability to lead a productive life. While it may seem as though your New Jersey student loan debt situation is hopeless, there are options available to you that can alleviate the pressures associated with late payments and creditor phone calls. Although student loans cannot be eliminated through bankruptcy, the bankruptcy laws allow people to eliminate most types of debt, which will provide an individual much needed relief.
At the Law Offices of Robert Manchel, our skilled bankruptcy attorneys assist individuals in the state of New Jersey who are looking to file for Chapter 7 or Chapter 13 bankruptcy protection. For more information about your bankruptcy options in New Jersey, please contact our experienced New Jersey Chapter 13 bankruptcy attorneys today. Call 866-503-5655 today to find out more about our zero upfront Chapter 13 filing fees.