Soaring education tuition costs and extensive student loan lending has created a large number of students who will never be able to repay their student loan debt. According to billionaire Mark Cuban this bubble is sure to burst. With over a trillion dollars in students loans that must be repaid, student consumers are spending less on homes, cars, good and services, and this all contributes to a much slower economy. If it is not absolutely necessary, many consumers with student loan debt cannot afford it.
What Cuban predicts is a cap on student lending. This cap will lead to decreased monies for education and therefore the closing of many educational institutions. Many students right now have student loan debts from institutions that have closed. Some of these institutions that remain open have given students degrees that have not translated into earnings sufficient to repay debt. If you are a student struggling to repay student loan debt, contact a qualified debt settlement attorney. There are other options available other than defaulting student loan debt payments. A qualified debt settlement attorney can work with the creditors and often negotiate a principal balance reduction making repayment possible.