According to recent reports, nearly two-thirds of Ohio students leave school with debt. Furthermore, Ohio has the 10th highest average amount of debt per student coming in at over $30,000 per student for those that graduated in 2015. And student debt isn’t just a new graduate issue either: nearly 8 percent of Ohio residents over the age of 50 are still carrying student loan debt.
In this most recent documentation of student debt that is burdening Ohioans, it has also been uncovered that unemployment rates for Ohio residents aged 25 to 34 is over 5 percent making it a state with a severe lack of opportunity for young graduates. This student debt delimma only amplifies what some consider a national crisis of students leaving colleges and universities with massive amounts of debt. While Ohio may not have the highest student debt in the nation, these other factors exacerbate the problem and make a difficult situation worse. In the Dayton Ohio Area, the University of Dayton ranked the highest by average loan debt per graduate, with Wittenberg University and Xavier University following closely behind.
Many individuals feel that the student debt epidemic in the US could lead to broader and more complicated financial issues. If you have student debt there are solutions available to you and include everything from debt consolidation, to student loan forgiveness, to possibly eliminating the student debt with bankruptcy. Additionally, one way to avoid student loan debt is to be very careful not to take more in loans initially than you actually need.
If you are currently in default for student loan debt and have no way to pay, you should contact a Dayton OH bankruptcy attorney to find out your options. You may be able to use bankruptcy to show an economic hardship to the bankruptcy courts and have your debt dismissed. Alternatively, you can use bankruptcy to dismiss other debts, leaving you with more money to pay off your student loans faster.