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Not every student that is in debt knows about the availability of a student loan services center. These companies assist people that have crushing debt from school to find solutions to help them pay the loans back at a workable schedule. With many people having difficulty with repayment, more people are seeking these services each day. Why this happens As of 2013, attending a public school for college costs and average of $22,000 plus. A private school is more and about double that amount. Multiplying those amounts times four years can rack up considerable debt for someone that is just starting out in the work world to repay. People that obtain advanced degrees will accrue even larger amounts of debt. The dirty secret One problem that no one wants to talk about is the fact that many graduates are having trouble finding jobs. Or maybe they can find jobs but just not the high paying ones that they expected to get after graduation. The economy has changed over the last few years making it more difficult for many people to find the jobs that match their degrees. Instead of living happily ever after and having an income that will support the repayment of student debt, many students are struggling to just stay afloat financially. Why bankruptcy is not an answer In most cases, students cannot use the bankruptcy process to eliminate student debt. It is not a dischargeable debt in most cases and in the rare instances it is, it may not be a good option. Here’s why: starting out with a bankruptcy on one’s credit history can prevent the student from getting specific jobs. In an age where many employers use the credit report as a screening tool for new hires, this is not a good sign. The second issue is that this is a time of life when people need consumer goods like cars or to open up lines of credit for other things. Having a bankruptcy will leave a blemish on the credit history for about ten years during which it will be harder and more expensive to get some kinds of credit. Why consider a student loan services center? Using a student loan services center will help the student to get a replacement loan program to use to pay off student loans. These services may reorganize the debt so that it is spread out longer but has lower monthly payments. For students that have more than one loan, this may also allow them to consolidate all loans into one package. This can allow students to repay debt more easily in most cases.
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