A new FindLaw.com survey reveals many Americans are still paying off their student loans, even decades after they've earned their degrees.
Among those who've taken out student loans, more than half are still paying them off today, the survey found -- a figure that works out to about one in six Americans. Student debt can even follow loan recipients into retirement; among people 55 and older who took out student loans, 21 percent said they still owe money.
As the survey shows, student loan debt can be a huge burden that seemingly never goes away. For those who are wondering about their legal options when it comes to repaying student loans, FindLaw is here to help.
Here are some FindLaw.com resources that offer some practical insight and suggestions about how to deal with student loan debt:
- Student Loan Relief and Bankruptcy. Getting student loans discharged through bankruptcy is incredibly difficult, as FindLaw.com's Student Loan Relief and Bankrutpcy section explains in depth. The loan recipient must prove that a severe hardship stands in the way of repaying the loan -- a very tough standard to meet. Still, it's not impossible; FindLaw's blog team has written about a few successful student loan discharges via bankruptcy.
- The FindLaw Guide to Student Loan Debt. What happens if you default on your student loan? What are the best ways to lower your monthly payments or put repayment on hold (like through a deferment)? FindLaw's team of lawyer-writers highlights our top legal tips for dealing with student loan debt in a free PDF guide that you can read online or print out to share with family and friends.
- Online Lawyer Directory. For those who need to file for bankrtupcy, seeking a student loan discharge can be daunting. But never fear, FindLaw's lawyer directory can connect you with an experienced bankruptcy lawyer near you. For those who aren't considering bankruptcy but have other legal issues related to their student loans, an experienced banking and finance lawyer may be your best bet to get your issues resolved.
Getting help in dealing with student loan debt is something millions of Americans can benefit from. With FindLaw.com's resources, the knowledge and professional legal services you need are right at your fingertips.
-- Michelle Croteau, Director, Marketing Communications
with Andrew Chow, FindLaw Audience Team