Making the Wise Decision to Avoid Student Loan Debt

Student loan options are readily available in the Fulton (Oswego County) area. However, for a loan of this kind, you need to be extremely cautious. Most importantly, if someone asks you to co-sign on a student loan, the law firm of  Harris-Courage & Grady advises against it.

In place of student loans, you or your child can attend college by choosing an educational institution that is less expensive. In addition, student loans can be avoided by taking on a part-time job or perhaps going to school at night while working full-time. Ultimately, you want to do everything possible to avoid student student loan (2)loans.

The biggest issue with student loan debt is that you will owe money for decades. Even if you file for bankruptcy, getting student loans discharged is very difficult, if not impossible. For this, your best bet comes from working closely with an experienced bankruptcy attorney in Fulton. Simply put, if you or your child depend on student loans for a college education, be prepared to carry a financial burden, longterm.

If you have already co-signed on a student loan for someone and that individual is no longer in a position to pay, the debt automatically becomes yours. If you are thinking about co-signing on a student loan, then assume that you will end up being the responsible party. That means that without the benefit of a college degree, you will pay off another person’s student loans over a period of decades. For many people who co-sign on a child’s student loan, retirement is put on hold. This is financially draining and puts a strain on the family dynamic.

Remember, when going to school, even if you or your child does not graduate, student loans must be repaid. If you or your child were to drop out of college for one reason or another or not land the anticipated high-paying job after graduation, the last thing you want to deal with is a significant amount of debt. According to the latest statistics, people who drop out of college have the highest rate of default on student loans.

Before getting involved with student loans, whether for yourself or a child, you need to fully understand the amount of money that would need to be repaid and for what duration. Think about your financial situation, as well as short- and long-term goals, to determine if carrying the burden of student loans is realistic.

Prior to taking out or co-signing for a student loan, you should first look at a student loan analysis program, something a reputable attorney in Fulton can assist with. Of course, if you have already put yourself at risk and now face serious debt, it is always best to have a qualified attorney in your corner. If you have questions about student loan debt, contact Harris-Courage & Grady today.

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