According to recent data released by the United States Department of Education, University of Cincinnati graduates are severely struggling to repay their student loan debt. University of Cincinnati ranked in the top American colleges and universities with default rates on student loans. This seems odd considering that University of Cincinnati claims that 69% of its 2014 graduates reported that they were employed and 22% who were unemployed noted that the reason is because they chose to attend a graduate program and remain a full-time student.
Job placement statistics disseminated by the universities themselves are often inaccurate. The reason is that this data is usually collected through voluntary responses to surveys sent out by the school. Many graduates simply do not respond to the surveys. Some graduates may be embarrassed to admit if they are still struggling to find gainful employment. Universities usually do not request proof of employment. Additionally, many schools count part-time jobs or jobs as waitresses or cashiers as gainful employment in order to present the school’s career development in the best light. This is disturbing because these types of jobs are not justifying the tens of thousands of dollars the graduates borrowed in order to finance their degrees. Many college graduates are currently underemployed and are being forced out of necessity to work jobs that are far below their paygrade. These positions hardly produce enough income to live off of let alone to pay off massive student loan debt that many graduates are harboring.
As a result of unemployment and underemployment, many graduates have found themselves unable to keep up with their monthly student loan payments. This inability to pay lands the graduates in default status. Default status on student loans comes with severe consequences. Not only will a default status ruin an individual’s credit score, but the government may decide to intercept the individual’s paychecks, tax returns and Social Security in order to collect on the unpaid debt. This poses serious problems not only for the individual borrower, but also for any parent co-signers who co-signed on the student loans.
Borrowers who have found themselves in default on their student loans or fear that default is imminent should contact Student Loan Law Group immediately. Student Loan Law Group advises borrowers of their options and assists borrowers in escaping default status and applying for an income-driven repayment plan to help make their student loan debt more manageable. Student Loan Law Group also provides legal counsel to borrowers who are in default and are facing wage, tax or Social Security garnishment. Borrowers with any questions or who seek additional information regarding their student loan debt should contact Student Loan Law Group today.
