With the recession, many people that searched endlessly for a new job decided to go back to school. Although the choice to continue your education is usually a great investment in your future, many did not forecast the long term detriment that taking out huge student loans may have on them. Many now find themselves in the position of having graduated and now are facing their student loan bills. According to this article, student loan delinquencies have risen by 22% in the past five years.
Although most student loans are federal loans that cannot be included in a bankruptcy, there are many out there with private student loans. Private student loans can be negotiated and settled for less than you owe if you are delinquent. It may be a good idea to contact an attorney in your area that can negotiate private student loans. A good debt settlement attorney may be able to get you back on track.