Many Tennessee residents feel that earning a college degree is the key to success. Unfortunately, some find that is not the case. In fact, some find that college is something they cannot finish for any number of reasons, so they drop out. If you had to take out student loans to fund your education, regardless if you finished or left your program, you still have to pay off your loans.
Student loan debt plagues millions of Americans. The amount adults, both young and old, carry in student loan debt is astronomical. It can take decades to pay it off and what you end up paying is far more than what your education cost. What can you do if you cannot pay back your student loans?
No degree less money
Hundreds of thousands of college goers eventually drop out. They do this because they decide to go in other directions or because of a million other personal reasons. The problem with dropping out without a degree when you have student loans is that it can be difficult to find a job that will pay you enough to pay off your debt.
Those who drop out of school often have to work two or more jobs just to make the minimum payment on their student loan accounts. Even doing that, some individuals do not make enough to make payments at all. According to federal data, two-thirds of college dropouts end up defaulting on their loans. Defaulting on a loan carries serious financial consequences that can follow you for a long time.
Is bankruptcy an option?
Generally speaking, student loans are not dischargeable in bankruptcy. You have to be in a really bad financial way for a bankruptcy court to consider granting relief from student loans. This does not mean that bankruptcy is not an option, though. You may still qualify for bankruptcy, which would help you clear other debt you may have and free funds that can then be put toward your student loan debt.
Take a breath and take action
If you have student loans that you are struggling to pay, take a breath; you are not alone. Many others are in the same position you are and some have achieved financial relief through bankruptcy or other debt relief options. When you are ready to tackle your student loan debt and better your financial situation, there are people ready to help you do it.