In the first quarter of 2018, student loans surpassed $1.5 trillion. Student loans are now the second-largest category of household debt in the United States, trailing only home loans. Student loan debt accounts for more money than owed for credit card debt and auto loans. Skyrocketing student loan debt could lead some young people to search for debt programs in Delray Beach.
How Debt Programs in Delray Beach Can Help Student Loan Borrowers
According to USA Today’s College Factual: the average student loan for borrows is more than $8,000. What makes that figure all the more staggering is than half of all students borrow.
The cost of earning a college degree continues to rise faster than inflation. As students borrow more money to cover the costs, loan defaults are increasing as well. According to Investopedia, 70 percent of college grads have student debt, with an average debt at more than $37,000 at graduation.
For students who are struggling to repay their loans, debt programs are available, and Mufson Law can introduce you to them. Chapter 13 bankruptcy is one of the best options, as it allows you to keep your possessions, but it also helps to stop the interest on your loans from increasing. Additionally, past-due student loan debts can be added into your repayment plan, which can last three to five years. While you still have to repay the debt, you’ll at least be able to say that you are in a stronger position than you had been before.
If you’re facing student loans and are curious about the debt programs in Delray Beach, the professionals at Mufson Law encourage you to reach out immediately. We know that the stress can be overwhelming, but with twenty-five years of experience on your side, you’ll be able to face the future with more hope and optimism. If you struggle with student loan debt, call us today at (561) 272-1003.