Two Trillion for Student Loan Debt Crisis
August 12, 2018, 11:38 a.m.
How serious is the student loan debt crisis? About two trillion worth.
Student loan debt is increasing by as much as $30 billion each quarter and is predicted to hit $2 trillion by 2021.
The effects will be felt long term as carrying a heavy debt that is virtually impossible to eliminate through bankruptcy, will result in student loan borrowers delaying making large purchases such as buying a car and home.
Seniors are becoming the fastest growing segment of the student loan crisis, especially when they co-sign for their children and grandchildren. And if lawsuits are ignored, as many people tend to do, a creditor can place a lien on any property one owns, whether a car or home.
Not even in death can you can avoid those liens because while assets are being distributed in probate court, a creditor could seek to protect their interest, meaning a beneficiary may not receive what was willed to them.
Alexander Hernandez, Esq.