Arizona Tops Country in Student Loan Defaults
Most of us were told as we were growing up that education will provide us with much better job opportunities if we advance ourselves academically. Therefore, even if it was necessary to borrow in order to complete our education, this was a wise decision because of the potential upside to such a decision in regards to income. Many people made this decision in the early or middle portion of the previous decade, only to discover as they finished their degrees that the job market had dried up and almost completely removed reasonable opportunities for income. As a result, many students faced the prospect of not being able to handle their student loan debt. Now comes word that Arizona leads the country in student loan defaults.
According to a survey conducted by the United States Department of Education, the overall student loan default rate in Arizona has reached nearly 11 percent, or a number that is eerily similar to the national unemployment rate. These numbers were drawn from the year 2008, and it's a relatively safe assumption that more people have encountered problems with continuing their student loan payments since then as employment prospects have become even dimmer. As expected, those associated with Arizona's universities are blaming the unemployment rate, and that seems to be a valid argument.
The school with the highest student loan default rate is the University of Phoenix, which has accounted for approximately 70 percent of the overall number of Arizona student loan defaults. However, the University of Phoenix is just one of eight state universities that had a student loan default rate of higher than 10 percent. The lowest default rate exists at Arizona State University, and that can be explained by the fact that the school has more of a traditional student body and lower tuition costs for state residents than most other schools.
Arizona Bankruptcy Lawyers
Anyone who has struggled with student loan payments understands that these bills can debilitate someone in a financial sense. If you find yourself in this situation, there likely are options you can consider in order to move towards a solution to this problem. While there are limits to what can be done with student loan debt in bankruptcy, you owe it to yourself to find out what those options are so you can move past this difficult situation.
The Phillips Law Group recommends the experienced bankruptcy attorneys atMontano Arentz & Associates, PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!