Student loans could be next 'debt bomb'
Submitted by bobbyw24 on Wed, 02/08/2012 - 13:11WASHINGTON, Feb. 8 (UPI) -- More than four of five U.S. bankruptcy attorneys say the number of potential clients with student loan debt has increased in the past three to four years.
The National Association of Consumer Bankruptcy Attorneys said a nationwide online survey of 860 bankruptcy lawyers found 81 percent said the number of potential clients with student loan debt has increased "significantly" or "somewhat" in that period. About half of bankruptcy attorneys reported significant increases in these clients.
"Take it from those of us on the front line of economic distress in America: This could very well be the next debt bomb for the U.S. economy," William E. Brewer Jr., the association's president, said in a news release.
Nearly two of five bankruptcy attorneys, 39 percent, said potential student loan client cases have increased 25 percent to 50 percent in the past three to four years.
Read more: http://www.upi.com/Top_News/US/2012/02/08/Student-loans-coul...
Yea, I got loan debt too.
Yea, I got loan debt too. Thankfully I came away with about half the average though as I ended up having about half my loans subsidized(to the U.S. tax payers, thanks guys!) I got an engineering degree and I still cant find a job and in a couple months, I run out of money to keep paying my loans back.
I dont know the exact details on it, but I have recently thought that mabe I should try applying for unemployment or aid of some sort and then use that money to pay off my loans since I live at home at the moment. I really dont think I would be eligable based on the fact that I have loans to repay and i live at home, but if I am, I am not sure I could do that as that seems entirely not right; using the government's money to repay the government.
If I knew then what I know now, I likely would have gone to a trade school or something.