22 Feb Student Loan Debt In Minnesota From For Profit Colleges
Recently our office has been seeing more clients with excessive student loan debt. This is an amount of debt that prevents these individuals from achieving a true fresh start in bankruptcy, because even after they get rid of their unsecured debt, they will still owe thousands in student loan debt. This problem appears to be more pronounced with for profit colleges. A recent article by the Huff Post Business has shown that graduates of for profit colleges face worse job prospects and higher student loan debt .
The study conducted by Harvard also suggests that these graduates earn less than their counterparts of traditional colleges. The advice is if you are thinking about enrolling in this type of college you really have to scrutinize the debt that you are taking on and the job prospects after graduation. I see clients every day who cannot pay back student loans from these type of schools because they are unemployed or underemployed. It is important to look at the return from any investment and school should not be any different. Student loans are generally not dischargeable in bankruptcy so the only way to get rid of student loans is to pay them off, and this is sometimes easier said than done given all the other bills people have to pay.