Contrary to popular opinion, student loan debt is not a problem only for recent college graduates.
The Department of Education reports that a typical repayment period for borrowers who have between $20,000 and $40,000 in loans is a whopping 20 years.
Federal data also shows that the debt of borrowers earning a bachelor’s degree has been increasing at an average of 4% per year since 1996. That means more and more graduates are going to spend more and more of their lives in debt.
This long repayment timeline leads to many other hurdles in a debtors’ life. According to the One Wisconsin Institute, student loan debtors are significantly less likely to own a home or buy a car. People with student loans debt carry the burden of their debt for a significant portion of their lives.
Students aren’t the only ones struggling. Parents who took out loans for their children also have increasingly difficult burdens. These parental loans can dent credit scores or delay retirement.
Lexria is dedicated to lowering these statistics and provides relief through bankruptcy for debtors who are not able to make their payments. It’s time for a college degree to be an investment into one’s future rather than a 20-to-life sentence.