Student Loans - The Next Debt Crisis?
The last recession was fueled, in part, by a mortgage crisis; economists warn that the U.S. may suffer a student loan crisis next.
On a national level, graduates owe around $1.5 trillion in student loans — the largest source of household debt after housing — but it is at an individual level that the extent of the looming meltdown becomes clear. Analysis of recently-released data suggests that almost 40% of borrowers who entered college in 2004 may default on their student loans by 2023. Filing for bankruptcy is not an option, since “undue hardship” is the standard the borrower must meet despite the fact that the term has never been legally defined and can be liberally interpreted by a presiding judge.
The CCCS Student Loan Counseling Program has been extremely successful, primarily due to the complexity of the student loan market. Many individuals with student loans feel overwhelmed with anxiety and fear as they try to navigate options available during repayment, with some falling prey to the abundance of unscrupulous companies claiming to help. We specifically designed our program to meet the needs of this growing population segment.
CCCS’ Student Loan Counseling Program provides the assistance, support, direction and sometimes hand-holding that our clients need, helping them create a solid plan to pay their debt.
Our goal is to help our clients achieve financial stability and we give them the tools and support needed to get to that point. We recommend our services to anyone who wants to achieve a financially healthy life. We are not just for people in crisis—we can help people who proactively want to take charge of their finances, creating budgets and developing spending plans so that they can live a stable and successful life free from financial stress.
CCCS has many other programs to help. In addition to Student Loan counseling, we provide one-on-one financial counseling, financial coaching, creditor repayment counseling, small business counseling, pre-purchase housing counseling, foreclosure mitigation counseling and bankruptcy counseling.
Contact a Certified Student Loan Counselor at Consumer Credit Counseling Service to get help. To get started, consumers can visit www.consumercreditbuffalo.org or call 712-2060/1-800-926-9685.