Confronting the Harsh Realities of Student Loans Skip to main content

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Confronting the Harsh Realities of Student Loans


For so many years people have held the view that an education is one of the best investments you can make, and therefore it is prudent to spend whatever it takes to get the best education possible. It's true that a college diploma will, on average, result in improved earning power for degree holders, and the improvement is often dramatic. Nonetheless, educations are so expensive that it's impossible for most people to get one without taking out student loans. Even though the situation affects so many, it seems that nobody is out there is telling the whole truth. If the colleges and universities don't do it, what could possibly motivate the student loan industry to mess with their own success in an enormously profitable field? It seems that nobody counsels borrowers on the often quite predictable results of their actions.

The simple fact of the matter is, education, on a pragmatic level, isn't worth the same across the board. An education is a wonderful thing, arguably without price, and not everything we do in life should be about money. Pursuing an education in something you love is a worthy goal to have for yourself. But philosophy aside, many people enter college with the expectation that they will automatically improve their ability to get a job, allowing them to pay back the loan with ease. That simply isn't the case. If you're considering going to college or going back for another degree, but you find yourself wavering over the loans, that's a good thing! Make a realistic assessment of your ability to pay the loans back once you graduate. Are you going into an industry that has growth potential? What kinds of jobs will you be able to get with the degree? And do you really need the degree to achieve your professional or other life goals?

Remember, student loans, unlike most every other kind of unsecured loan, are not discharged in bankruptcy. This is one of the worst aspects of the quagmire students encounter post-graduation; no job, and no ability to get rid of the student loan debt. Even if you find a job, but can't afford the monthly student loan payment, your wages can be garnished. This is why, even if student loans are your primary problem, it may still make sense to file a Chapter 13 bankruptcy. You can stay in the Chapter 13 plan for as long as 5 years, giving you a reprieve from collection efforts. This will give you some time to get established financially, and will extinguish all other forms of unsecured loans and credit card debt.

If you're having trouble paying your student loan debts, consider bankruptcy as an option to put your student loan creditors on hold. Call a bankruptcy attorney today to discuss your options. In North Carolina, contact the Law Offices of John T. Orcutt to set up a free initial debt consultation. +1-919-646-2654. Or go to to fill out our free and confidential debt questionnaire.

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