Millions of Americans have taken out student loans in order to pay for their higher education. While improving and advancing one’s education is a noble cause, most people who take out loans to do so end up struggling to pay them off. According to a recent report, Memphis residents have a harder time paying down their student loans than people living in other cities. A bankruptcy law attorney may be able to help those struggling with these issues find debt solutions that fit their circumstances.
Outstanding student debt in the United States reached an all-time high of over $1.5 trillion in 2018. It has doubled in the past 10 years. Education debt has made it hard for numerous individuals to live the lives they want and to provide the basics, such as homes, for their families.
A recently printed article listed the top cities where residents are struggling to pay their student loan debt. Memphis was number four on that list. The loan delinquency rate for Memphis is said to be 23.2 percent. It is believed that it takes individuals in this area roughly six years to finish college, which apparently contributes to the loan delinquency rate.
Currently, student loan debt is not dischargeable in bankruptcy — except in instances of extreme hardship. That does not mean that this debt relief option is not available to Memphis residents with unmanageable student loan balances. A bankruptcy law attorney can review the specifics of one’s situation and help one pursue the debt relief option that offers the most benefits for one’s situation.