Private Student Loan Borrowers May Still Be in Their Teens
by
Gregory Mark Fitzgerald on Jan. 31, 2019
Bankruptcy & Debt Credit & Debt Bankruptcy & Debt Collection Other Education
Summary: As student loan debt in the US reaches over $1.5 trillion, lenders continue to fund freshman who may find themselves in such debt once they graduate that they are forced to put off life experiences such as starting families, opening businesses, and more.
"Some [students] may be applying for loans in the 17- to 18-year-old age range, with nary a chance yet to feel the responsibility of managing bills or focusing on the challenges of maintaining a household budget. This can cause great hardship years later when they realize how difficult it can be to uphold agreements to meet significant monthly payments; in fact, the average amount due on a 30-day basis for younger borrowers is over $350!"
Read the entire article on the official Fitzgerald & Campbell, APLC blog.