Today, many borrowers have found themselves making far lower salaries than they had hoped for when they decided to finance their education. Our current job market and economic state begs the question, “Is financing my education really going to get me ahead in life?” For many, the short answer is a resounding “no.” Unfortunately, many Americans are lured into taking out large loans to finance education. As a result, many families are saddled with massive debts and have not found significantly better paying job prospects from their so-called “investment.”
The average American simply cannot afford to pay the cost of tuition for a four year university out of pocket. Thus, many turn to federal and private student loans. The results of taking on debt to finance years of education and living expenses can be devastating upon graduation. Typically, loans have a short grace period (usually around six months) after the student loan borrower graduates. Once the grace period expires, the student loans enter into repayment phase.
If a graduate has had difficulty finding stable employment, the graduate may decide to put the loans into forbearance to buy some time. Unfortunately, each individual borrower is only allotted a certain amount of forbearance time. Repayment cannot be pushed off forever. Eventually, the loan servicers will demand payment from the student loan borrower.
Borrowers who have entered the repayment phase on their student loans are encouraged to seek help with managing their debt today. Student loan borrowers are not alone. Student Loan Law Group offers a variety of services to help lower borrowers’ monthly payments and to get borrowers on the right path towards forgiveness of their outstanding debt. For more information on help with student loan consolidation and assistance in applying for federal income-driven repayment plans, contact Student Loan Law Group today at (888) 843-1706 or by visiting their website at www.studentloanlawgroup.com.