- Student loan debt in the US has reached over $1 trillion, with the average debt per borrower at $28,000. Families earning $100,000 can only afford to send someone to 41% of colleges. - Repaying student loans is difficult and stressful, impacting people's ability to purchase homes, save for retirement, and delaying life events like marriage. - There are options available to help settle student loan debt, such as bankruptcy under Chapter 7 or 13. Filing for hardship discharge requires proving repayment disrupts one's minimal standard of living. Consulting bankruptcy professionals can provide relief from student loan burdens.

1. Student Loans:
Every Graduate’s
Long Battle Cry
Utah Bankruptcy Professionals, PC
9227 South 1300 East, Sandy, Utah 84094
(801) 501-0100

2. How much should a family earn to send a student to college? The student may work for 10
hours a week, or the parents may save 10 percent of their discretionary income for the next
decade, and it may still not be enough.
In fact, a family earning $100,000 may afford to send someone to only 41 percent of
colleges, according to a March 2017 report by a non-profit group called Institute for Higher
Education Policy. Low-income households have it worse: they could afford only 10 percent
of the colleges.
With the rising tuition and inaccessibility of some grants and other forms of financial aid,
students apply for student loans. They then have the option to repay after graduation. The
problem is even these loans are difficult to settle.
The Dilemma of Student Loans
The 2017 Student Loan Report sheds light on the severity of student debt in the country.
The national student debt is already more than $1 trillion with an average debt per borrower
of around $28,000.

3. When it comes to per-state average debt, New Hampshire has the highest at $25,740 while
Utah has the lowest at $7,527. It doesn’t mean, however, that all borrowers in the Beaver
State could settle their financial burden. Those who do find the obligation a large cut from
their income.
The impact of student loans is profound and complex. Many prefer to delay other personal
plans such as marriage. One research showed students with debts are more likely to avoid
owning a house. Student loans can also decrease the 401(k) balance significantly once the
person retires.
The Most Practical Solution
Paying off student loans is stressful, especially when the graduate also faces other financial
responsibilities, Utah Bankruptcy Pros points out. But there’s a practical solution to end the
frustration and even the harassment of creditors. The leading bankruptcy law firm explores
various options, including filing for a hardship discharge under chapter 7 and chapter 13.
Circuit judges then follow specific criteria such as how repaying the debt can disrupt the
family’s minimal standard of living to grant the request. Those who want to repay the loan
can file for chapter 13, which places the debt under a special kind of deferment.

4. Student loans can haunt even the brightest students for years, but it may offer comfort
and relief to know that settlement options are available by consulting professionals.
Sources:
http://www.utahbankruptcy.com/
http://www.ihep.org/sites/default/files/uploads/docs/pubs/limited_means_limited_opti
ons_report_final.pdf
https://studentloans.net/student-loan-debt-statistics/