Two Trillion for Student Loan Debt Crisis
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.
The Department of Education released data that shows how ineffective the student loan forgiveness program has been.
Attorney Generals from nineteen states plus the District of Columbia sued U.S. Secretary of Education Betsy DeVos and the U.S. Department of Education for failing to implement a borrower protection rule.