Student loans: the numbers and solutions

| Sep 27, 2017 | Chapter 13 Bankruptcy, Firm News |

When the topic of personal debt is brought to mind, credit card accounts are typically at the forefront of concern. Yet another type of debt that has recently moved to the center of public attention in Ohio is that produced by student loans. An overwhelming number of individuals who sought higher education now face the burden of student debt, which, in many cases, can result in bankruptcy and a multitude of other issues. 

Upon graduation, college students can enjoy the benefits of a new degree; but not without the looming reminder that student loan payments are just around the corner. Such is the case with many Ohio students, as Cleveland News reports that the state ranks sixteenth in student loan debt. This statistic may seem relatively benign, but Cleveland adds that roughly 65 percent of Ohio students who graduated last year borrowed money, with a statewide average student loan debt of $29,391. The news article also listed Ohio colleges and their averages of student loan debt, concluding that about six out of ten graduates had student debt.  

The Akron Beacon Journal also weighs in on the the issue of debt in the area, adding that Kent State is the college with the highest amounts of student debt in Ohio. The numbers may be crippling, but many ask questions regarding the possibility of resolvement in the future. The Akron reports that many universities are taking a preventative approach by helping students reduce the need to borrow money to begin with. While the need to take out loans is inevitable for many, colleges nationwide have continued to offer scholarships as alternatives to borrowing money that could take decades to pay back.