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Congressional recess creates worry over student loan rates

On Behalf of | Jul 5, 2013 | Bankruptcy

People in Oregon go into debt for many different reasons, but one reason that is becoming increasingly debilitating is paying for a college education. Student loans are given to a college student by the government, and must be paid back with interest in many cases. As the cost of obtaining a college degree increases, many students are also paying more in interest as Congress fails to find a compromise on arguments over student loan rates. Even those with college degrees are looking for ways to get debt relief and reorganize debt to a point where it is manageable.

During the election year, lawmakers extended student loan rates to prevent them from doubling, but the deadline on that extension is up in several days. With the increase in loan rates, the cost of obtaining a college degree will increase by almost five thousand dollars. 

A recent report showed that student loan amounts have almost doubled in the first part of 2013 alone, possibly suggesting that students are being forced to borrow for to both pay for school and pay the bills while in school. Some lawmakers feel student loans are a way for the government to make money off students, while others are focused on reducing the national debt.

Although lawmakers constantly turn the issue into a political one, the real sufferers may be the students who are paying higher rates. Because student loan debt is not included in bankruptcy, a student may benefit from seeking relief from other types of debt through bankruptcy to allow them the ability to pay for their education and start fresh financially.

Source: Chicago Tribune, “Interest rates on student loans set to double next week,” Michael Memoli, June 28, 2013

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.