According to the Department of Education, the number of student loan defaults has spiked markedly in recent years.
San Diego, California (PRWEB) September 20, 2011
The San Diego bankruptcy lawyers at the law firm known as the Golden State Law Group, a law firm that provides legal assistance to consumers who are struggling with their finances, hereby announces that it is offering a free initial consultation to those consumers who need help in reviewing their financial troubles. This announcement comes on the heels of the release of student loan data by the United States Department of Education.
According to the Department of Education, the number of student loan defaults has spiked markedly in recent years. Specifically, the student loan default rate was 7 percent in 2008, but that rate shot up to 8.8 percent in 2009. 3.6 million borrowers who entered their student loan repayment period in 2009 defaulted on their student loans within two years. Students who borrowed to enroll in so-called ‘for-profit’ colleges had a 15 percent student loan default rate in 2009.
When it comes to student loan debt, filing for bankruptcy will not usually lead to a discharge of these debts. There are situations where this is possible, but many people who cannot afford their student loan payments should still have their overall financial pictures reviewed so that other forms of unmanageable debt can be identified and potentially eliminated by filing for bankruptcy protection or working out some other solution. Doing so would make meeting student loan payments easier to handle.
About the Golden State Law Group
The Golden State Law Group is a law firm comprised of San Diego bankruptcy lawyers who have been helping consumers reorganize their finances and remove debts along with other types of cases involving financial issues. These other cases include Chapter 7 bankruptcy cases, Chapter 13 bankruptcy cases, lien stripping matters, tax debt negotiation issues and California personal injury lawsuits.