The price of a good education has gone up, and up, and up. For years the cost of college tuition has risen above the average American’s ability to finance their education. With a boom in lending over recent years comes not just with more graduates than once possible, but with a large debt balance following them into their career.
Profit and Loss
You don’t have to tell the majority of college graduates they will be repaying their student loans well into adulthood, they are already feeling the effects of high monthly repayments. However, what most of these borrowers don’t know is that the government profited from the interest on these loans big time in the last few years. Since 2007 federal student loans have brought in $ 66 billion in profits; with an expected $185 billion more in the next 10 years.
Many argue the strain on families over debt payments is simply an unfortunate side effect of attending college, while others are questioning whether the student loan lending industry has a different motive. It is understood that student loans are, for some people, their only hope at attending college, but does that really mean much when that person falls into financial ruin over the inability to satisfy high monthly payments and rising interest rates? The bottom line is simple: the industry as it stands now needs improvement, borrowers need help, and college hopefuls need other options.
If you or someone you know is suffering with student loan debt problems, contact a Dayton bankruptcy lawyer. They can help you find a solution to get back in control.