According to a new study conducted by the Institute for College Access and Success, the majority of college graduates finish their university education with some form of student loan debt, and the number of individuals taking on student loans in the United States is on the rise. The study, titled “Student Debt and the Class of 2011,” was designed to provide tangible information involving the nature of student loan debt that college graduates face when they finish their education and attempt to enter the U.S. workforce. Studies like this one shed light on the issue of student loan debt and other types of overwhelming debt that Americans face on a daily basis. If you are struggling to pay off your student loans or other types of debt in Oklahoma, contact our reputable bankruptcy attorneys at Oklahoma Legal Center to explore your legal options. With the help of our bankruptcy lawyers, you can review your overall financial state of affairs, and take action to start fresh with a clean slate.
Student Loan Debt in the U.S.
For students in the United States, most are leaving college with more than just a diploma. According to the student loan debt study, roughly two-thirds of all college graduates complete their Bachelor’s degrees with some form of student loan debt on their hands. Furthermore, the study concluded that every student in the population observed in the research who owes student loan debt borrowed about $26,600. In Oklahoma in particular, the average amount of debt owed by college graduates when they finished school was $20,897. All of this debt taken on by college graduates contributes to the more than $1 trillion in student loan debt currently owed in the United States, which has even surpassed total credit card debt for the first time in the history of the U.S.
Contact Our Bankruptcy Lawyers Today
Despite the unfortunate fact that student loan debt cannot be discharged in bankruptcy, it is a good idea for college graduates struggling with unpayable student loan debt to contact our experienced bankruptcy attorneys at Oklahoma Legal Center for legal help. In many cases, other kinds of debt – like credit card debt and car or home loans – can be discharged by filing Chapter 7 or Chapter 13 bankruptcy in Oklahoma, which can offer considerable debt relief and help free up some money to pay off student loan debt. If you are considering filing for bankruptcy in Oklahoma, contact our knowledgeable bankruptcy lawyers at Oklahoma Legal Center to discuss your financial situation and determine what course of action would most efficiently relieve your debt.