Students learning a hard lesson with college loans

After high school, many students across New Jersey hope to get into college and continue their education. In some cases, people have dreamed about it all their lives. The hope and expectation is that it will be easier to find a better job with a college degree. However, many students are learning a lesson after college which they say may have impacted their decision to go to college in the first place.

According to a recent survey conducted by Wells Fargo, about one-third of college students between the ages of 22 and 32 say that they wish they had started working after high school instead of going to college. The fact is that many of these young people are facing some serious financial debt from student loans and believe they would have been better off skipping college and the financial burden of the debt.

Many college students take out loans expecting to get a good job after they graduate and start to pay back the loans. However, the reality is that it is very difficult for people of all educational backgrounds to find jobs in the current economy. This means that the student loans and interest pile up and payments are skipped, exacerbating the issue.

The survey also highlighted a key challenge that many of these students face. For most of them, a student loan is the first major financial decision they have made and they are not being fully educated or prepared for the process. According to the survey, 79 percent of respondents say that they wish personal finance and loans were topics that were taught in high school.

Student loans can weigh a person down years after graduation. The debt that is created before a person can even begin their professional career can end up staying with them for several years, making it very difficult for a person to rebuild their financial profile. In many cases, student loans end up being just a part of the debt that people are struggling with. But there are debt relief solutions available to people all across New Jersey. For some, filing for bankruptcy is a strong option. For others, loan consolidation or cancellation may the right solution. Figuring out an effective strategy for dealing with debt, including student loans, can be the first step in making a fresh financial start.

Source: Forbes, “Student Loan Problems: One Third Of Millennials Regret Going To College,” Halah Touryalai, May 22, 2013

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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