It can be next to impossible to find a well-paying job without the backing of a four-year degree. The cost to secure that degree can be significant, though, and most college students in Georgia have to take out student loans just to meet ever-increasing tuition prices. Many of these students also struggle to find well-paying jobs in their fields after graduation. Unfortunately, this puts a lot of people in a difficult financial position that only bankruptcy may be able to address.
American students are struggling
A recent study found that the average annual cost of attending university in the United States is $35,720 — almost triple what it was back in the year 2000. Wages have remained largely stagnant over this same period, which means that students often have no choice but to borrow money. Additional troubling information found in that study includes:
- Black graduates are more likely to default on their student loans
- Black graduates have higher average student loans
- Loans are a roadblock to a better life for approximately 20% of borrowers
Georgia students have more debt
A recent study ranked the states with the most student loan debt, and Georgia came in very near the top at number four. In 2020, there were 1,599,800 people with student loan debt. The average amount of debt per person worked out to approximately $41,200.
Student loan debt creates an enormous burden on those who are unable to find well-paying jobs after graduation. Getting rid of student loans is no small feat either, as they are often not dischargeable in bankruptcy. However, this does not mean that bankruptcy is not a useful tool. Successfully navigating a bankruptcy filing can help a borrower discharge his or her other debts, which can free up financial room to make student loan payments more easily.