As bright eyed, young students are eager to build their life and professional future, many of them take out student loans with the idea that they will be able to pay them back once they graduate and get a job. Unfortunately, as the costs of tuition are consistently rising, many graduates will be finding themselves with student loans the size of a mortgage. As this article points out, having students the size of a mortgage will prevent these graduates from actually having a mortgage.
This is true especially for those students who obtained private student loans, which often have higher interest rates and less favorable repayment terms than their federal student loan counterparts. As a result, graduates with large student loans not only cannot afford paying on their student loans and on a mortgage, but many will not qualify for a mortgage with a large student loan debt. If this describes you or someone you know, consult a debt settlement attorney to help negotiate large reductions in the student loan debt. Someone needs to give that student a fighting chance at building a future for themselves.
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