College students are overwhelmed by debt

On behalf of Bankruptcy Law Firm of Clare Casas on Friday, August 30, 2013.

In the current climate of economic volatility, more and more college students in the state of Florida are worrying about how they will pay back their student loans after college. Between the rising costs of tuition, over-priced textbooks and other miscellaneous fees, the dream of obtaining a higher education has been more of a nightmare instead of a dream. Overwhelmed by debt, many students are looking for solutions to ensure stability for both their personal and professional lives.

A first step to solving the problems of higher education debt is to address any underlying financial management issues. Generally, when students take out loans for their education, particularly those provided through the government, financial advising is available to help students plan how to use their funds with the least amount of risk. As a result, students can learn to manage their debt and not extend themselves beyond their means.

Another step to consider is seeking out the help of a debt relief counselor. If students also have loans offered through private financial institutions, a debt relief counselor may be able to help negotiate repayments with lenders. Therefore, the burden of the debt can be reasonably managed.

In some cases where Florida students are so overwhelmed by debt where reasonable management and repayment is not possible, personal bankruptcy may be a viable solution. While most student loans are not dischargeable in bankruptcy, other forms of debts often are. Bankruptcy may be the solution to offer students the chance to start over, learn proper financial management skills and work toward a stable financial future.

Source: Central Florida Future, College costs clear out students' wallets, No author, August 21, 2013

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