A recent survey by student loan attorney Josh G. Wertheimer and his partner, Alex P. Smith, revealed that nearly two-thirds of Americans have either quit their job or are considering quitting their job due to student loan debt.
The survey, conducted by the U.S. Consumer Financial Protection Bureau (CFPB), polled nearly 800 student loan borrowers, and the results were shocking.
According to the survey, almost 80 percent of borrowers surveyed have been unable to find work since their last paychecks were due, and nearly a third of the respondents have been laid off, with nearly a quarter of them having lost their job in the last six months.
In the past year, the median annual debt on student loans has more than tripled, with many borrowers struggling to pay the monthly payments on their loans even as they are struggling to find decent paying jobs.
Student loans are not only an investment for many, but they are also a burden on the economy, with students struggling to repay loans as their wages decline.
Wartheimer told The Next WTF that students are being forced to make tough decisions as the country’s economic and financial outlook is grim.
He noted that while the majority of students do not need to borrow to pay for college, the average student will end up owing more on their student loans than they can ever repay, and they will be forced to pay off the debt on time.
Wartsheimer said that his firm is helping borrowers make the difficult decision to retire or seek help to pay their debt, and he encourages borrowers to talk to their loan servicer about the options available to them.
“If they choose to retire, we are here to help them,” Wartsheim told The New York Times.
“We’re going to help the student.
We are going to talk you through the process.”
According to Wertheim, student loan defaults are a huge concern for borrowers.
“This is a problem that affects everyone,” he said.
“The more people who are saddled with student loans, the harder it is to pay them off.”
Wertheman noted that students who default on their debt are more likely to experience financial hardship, with one-third of borrowers who default going through foreclosure.
While most borrowers who owe student loans don’t go through foreclosure, students who are able to make payments on the debt are significantly more likely than others to go through a foreclosure.
Witsheimer noted that there are two main ways students can avoid having to take on student loan debts.
One is to defer payment for a few years, while the other is to do what Werthermans clients do, and pay off their debt as soon as they can.
Witzes, the student loan specialist, said that there is a “very good chance” that a student will have to pay back the loan, but there are “good reasons” to not pay it back until after they have had a chance to repay the debt.
Withers explained that the “good reason” to avoid having student loans is that many of the loans are unsecured.
Wilt says that student loans are “a major reason why people are struggling” and that students should not have to repay student loans “if they can get their jobs back.”
The WTF interviewed students who had paid off their student loan balances in the past six months, and some borrowers said that they were “satisfied” with the results of the survey.
Wirths, the loan specialist and student loan counselor, explained that he sees students who have taken out student loans to help pay for their college education as “a great option,” and he believes that they should be allowed to repay their student debt as they see fit.
He said that many borrowers feel that it is important to pay student loans off before they get their “first paycheck,” which could be a few weeks away.
Wilshing, the partner who is helping student borrowers in their repayment process, told The Daily Dot that he believes student loans should be repaid as soon they can afford to, and that many people who take out student loan loans are already paying off their loans.
“It’s going to be really hard to make a good life for yourself if you’re living on student debt,” he explained.
“That’s why I think it’s a good idea to pay it off as soon you can.”
Wither’s experience is one of many that Witshels has witnessed.
In fact, Wither told The Post that he is the “most qualified student loan lender in the world” and has worked with more than 300,000 borrowers since starting the firm in 2009.
In Witsher’s opinion, it is a good thing for borrowers to start making payments on student student loans now.
“You have a couple of months where you can pay it all off before you start getting the full benefit of the program,” he told The Washington Post.
Willshed, Witshed, and Wither have a long list of clients who have gone through