Student loan debt could turn into another crisis for the economy, according to the president of the National Association of Consumer Bankruptcy Attorneys.
According to the Washington Post:
- Eighty-one percent of the responding lawyers reported an increase in the number of potential clients they are seeing with student loan debt.
- Forty-eight percent said the increase was “significant.”
- Ninety-five percent said few student loan debtors have any chance of meeting hardship standards to discharge the obligations in bankruptcy.
- Parents who co-signed for the loans are also affected, according to the lawyers group. Loans to parents for their children’s college education have increased 75 percent…
- 80 Percent Of Bankruptcy Lawyers Report A ‘Substantial Increase’ In Clients Buried By Student Loan Debt (thinkprogress.org)
- America’s Student Loan To Reach $1.4 Trillion by 2020 (zerohedge.com)
- Student Loans: America’s Next Debt Bomb (openmarket.org)
- Not Even Bankruptcy Will Make Your Student Loans Go Away (abovethelaw.com)