Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free

Student loan debt starting to take a toll on America’s economy

Most people in Cuyahoga Falls try to avoid debt and the financial pitfalls that it can carry with it. Yet even the tightest of penny-pinchers has to concede that there are some valid reasons to assume debt, such a buying a home or a reliable car. Financing one’s education would also likely fall into the necessary debt category. This is evidenced by the fact that Americans currently owe nearly $1.2 trillion in student loan debt. Unfortunately, the inability of many to avoid defaulting on their student loans is starting to be felt in the nation’s economy.

Recent graduates, especially in those fields which require extensive graduate and post-graduate education such as medicine and business, are now more than ever migrating toward specialty sectors instead of grassroots positions. In the medical field, this has translated into fewer primary care doctors, while the business sector has seen fewer entrepreneurs establish new companies. Yet the farthest-reaching impact may be in the number of graduates who delay putting money back into the economy by buying homes or cars. Instead, many are opting to live with their families longer as they work to pay off their debts.

Most experts trace the problem to the number of students who took out student loans prior to the most recent recession and then graduated into an economy unable to offer them the kinds of salaries needed to repay those debts. It’s currently estimated that nearly 15% of student loan borrowers are now defaulting on those loans. For many of these students, debt relief through a personal bankruptcy may be the only way to set them on a firm financial footing once again. A bankruptcy lawyer may be good source of information on one’s options in dealing with their student loan debt. 

Source: USA Today “The long-term impact of student-loan debt” Pooja Bhatia, Mar. 03, 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions