college students

Norwalk, CT Attorneys Help Students Pay Back Loans without Drowning in Debt

Pursuing an education is an integral part of the American Dream. Getting a college degree in order to seek knowledge and fulfill one’s dreams is the right of every American citizen, and people come from all over the world desiring to pursue this freedom. However, the cost of this dream can be steep. Most students have to obtain loans in order to fulfill their desire for a college degree, and, unfortunately, due to the recession, the bleak job market, and high interest rates, most of these young people are struggling to pay them back.

Bankruptcy can allow people to wipe their financial slate clean when they are facing mounting bills, overwhelming payments, or steep mortgage installments that can no longer be paid – but it doesn’t always easily provide relief for those with large amounts of student loan debt. There are two major student loans: federal loans that are backed by the federal government, or private loans that are backed by for-profit banks. Private and government-issued or -protected loans have usually been non-dischargeable in bankruptcy proceedings. However, there are options. If student loans are weighing you down, contact the Bridgeport Bankruptcy Law Firm of Mark M. Kratter, LLC to help you figure out the process and begin anew.

When young adults graduate from high school and begin their college careers, money is not always at the front of their minds. In the past, some college students in Connecticut and across the country succumbed to temptation by accepting credit card offers, only to later find themselves knee-deep in credit card debt by the time they graduated. With the federal passage of the Credit Card Act a few years ago, it is more difficult for college-age students to receive a card. But difficult is not the same as impossible.

Connecticut high school students may be bombarded with credit card offers before going to college, but avoiding credit card debt is a good way to get your financial future off to a good start. Making good financial decisions early is a way to help young adults avoid the trap of credit card debt and ensure they can begin their adult lives with a clean financial slate.