The Student Loan System Is Broken
Tuition was under $3,000 a year for my state university education, and many of my friends were able to work part-time and still graduate in four years.
These days, the same school costs new students nearly $25,000 per year. Even for those who take on a part-time job, it’s impossible to make enough money to cost the tuition and related costs. To bridge the gap, most people take out federal and private student loans.
But taking out student loans is a big financial decision – and one that’s not well understood by college students or their parents. The long-term costs of higher education have gone through the roof in the past decade, leaving borrowers and their families deep in debt the day they walk into the “real world.”
Student Loans Make It Difficult to Get Ahead
That debt makes it difficult to buy a home, save for retirement, or even put away a little money for a vacation. Deep in the red, it’s easy to understand why so many millennials are left feeling like failures before they’ve had a chance to make it in the world.
Many of my clients have been forced to live at home for years after graduation, wondering how they’re ever going to pay off their student loans and get on with their own lives rather than living in their childhood bedrooms.
They come to me depressed and frustrated at a system that promised them a better future only to hand them a bag of broken dreams.
Help Is Tough to Find
The government doesn’t make it easy to navigate the federal student loan system, offering too many repayment options that each has a unique set of pitfalls. Servicers make forbearance sound like an attractive option but omit the fact that it will make your loan balance explode in a short period of time.
Private lenders, free from the constraints of the regulations that govern federal loans, prey on borrowers and their guarantors using strong-arm tactics usually left to bullies and common criminals.
That’s why tens of thousands of student loan borrowers, desperate for help, turn to fly-by-night companies promising debt forgiveness and quick settlements. These companies employ fast-talking salespeople whose only job is to get you to part with thousands of dollars of your hard-earned money. In return, they fill out a bunch of free government forms or sell you into a more expensive loan to pay off the other ones.
I’m on a Mission to Reach as Many People as Possible
There is help for you if you’ve got an overwhelming student loan debt.
All you need is the right information to make the best decision for your long-term financial success.
That’s my job as a lawyer. To help people understand their options and to help them get their student loan debts under control so they can live a happier, more peaceful life.
This podcast is just one of the ways I provide that critical information.
It’s why I write articles for my website and others. It’s why I do live video Q&A sessions on Facebook and Periscope.
And it’s why I spend a lot of time training other professionals in the ways to help student loan borrowers.
The message needs to get out to everyone who needs to hear it.
Your first step to getting help is to understand your options. And the best way to learn those options is to listen to The Student Loan Show.
I made this for you – and I hope you get a lot out of it.