From years 2007 to 2016, federal student loan debt more than doubled from $516 billion dollars to $1.5 trillion dollars, resulting in student loans being the only type of non-mortgage debt that has increased consistently over the past 10 years.
Take into account the fact that the cost of college has increased by 48% in this same period of time to an average amount of $37,000, it is understandable that students are taking on more debt than ever before.
With incomes remaining stagnant for new college graduates and job prospects remaining poor for former students trying to break into the workforce, the pressure on this group of people has continued to increase even as the rest of the national economic picture looks promising.
(1) More than 43 million Americans owe $1.5 trillion dollars on student loans
(2) 45% of all American families have outstanding student loans, and increase of 33% from 2007
(3) More than 17% of our country's outstanding student loan debt is held by people over the age of 50
(4) People between the ages of 30 to 49 hold 51% of outstanding student loan debt
(5) Almost 20% of outstanding student loan debt is in default
However, there is good news for Americans in any student loan predicament. It does not matter if you are in default, being harassed by bill collectors or even being sued. There are great solutions available to you from reasonable repayment plans to actual debt forgiveness.
Consultation is free so contact us here at The Patel Law Group and let's get started on resolving this problem that has been troubling you. Call us today.