Making a good living is the goal of many individuals who live in the state of Florida. To accomplish this it is often necessary to obtain a college or graduate degree. This endeavor is not only time consuming, but in many cases very expensive. Because few individuals can pay for a college education as they go, many turn to student loans. While these may make paying for school relatively easy in the short-term, more and more college graduates in the Tampa area are finding that they are starting the next phase of their lives with unimaginable debt that they are unprepared to deal with.
Some individuals are able make massive loan payments by skimping in other areas of their life. For example, one woman who accrued $100,000 in student loans through the course of undergraduate and graduate school, says after making her monthly loan payment, she has very little left to cover her living expenses. Approximately a quarter of her monthly income goes to pay her debt. As is illustrated by the fact that there is currently a trillion dollars in outstanding college loans, this is an issue that many individuals are likely facing.
It is possible that some who find it impossible to pay bills while still making ends meet may attempt to have their school loans discharged. Though discharging student debt is often difficult to do, there are situations where it might be a possibility. These situations include a borrower becoming permanently and totally disabled, the failure of a school to pay the student a refund he or she is owed, false certification on the part of the school regarding the eligibility of a student or when a school closes while a student is enrolled.
Occasionally, student loans can be discharged under bankruptcy. To accomplish this, it must be demonstrated that carrying that loan would result in an undue burden to the individual. In situations where that is not a possibility, other repayment plans may be available. Because it is difficult for most to determine their options, let alone the best way to proceed, many find it beneficial to consult a lawyer who is familiar with these issues.
Source: WRAL, “Young adults crushed under burden of college loan debt”, Jan. 16, 2014