We’ve been following student loan debt for the past several months. The first big news came out a while back when student loan debt surpassed credit card debt. Many took this as a sign the student loan debt is the next bubble to pop. Now, it is being reported that delinquencies on student loan debt may be as high as 20%.
You are considered delinquent at 90 days. The volume of delinquencies is both staggering and frightening. If you find yourself in this situation, you might want to speak with an attorney experienced in debt workouts or debt settlements. While you can’t necessarily discharge student loan dent in a bankruptcy proceeding, it may be possible to negotiate the principal balance down to a number more affordable to you. Seeking the assistance of a professional to assist is probably a good idea.