Generation Y has more student loan debt than any other generation in American history. A new study from Morningstar states that the long term impact on retirement savings will steal about 35% of future retirement money for every student loan dollar borrowed.
Since 1992, the percentage of people straddled with student loan debt has doubled. What's worse is that the amounts borrowed have almost tripled. So Generation Y (Generation Debt) has twice as many people owing three times as much as the previous generation. This is not good news.
Founding Father Benjamin Franklin was once asked "what is the most powerful force in the universe?" You would think he would say "electricity" or "gravity" but you know what his answer was? Compound Interest!
Compounding interest rates over time, make this student loan situation worse because it causes more to be owed over time when that interest is added to the balance owed.
The student debt effect is already being felt in terms of not being to buy a house or a car or other major life purchases that most Americans from previous generations take for granted. The problem is only getting worse as more Millennials face tougher job prospects and thus the ability to repay student loans has already reached crisis levels.
What Can Be Done?
The good news is that there are now many more programs available to help student borrowers than ever before. Discovering which option is best for a student borrower can be a tough task, but that's what I help people with every day.
There is hope and if you live in Florida, where I practice law, I invite you to contact me to find a solution that could change your financial life.
Don't ignore the problem because it will only get worse. We help many student borrowers solve this problem and the results are amazing.
There is a solution for you...sometimes you just need some professional help from an Attorney to find the best answer to solve the problem. No matter what stage of the problem you are facing, we can help you.
If you need help, just call us at 352-343-554 or send me some basic information on the form below and click submit. There is a solution so find out today what your options really are.