For many people, it’s not a surprise that financing a college education is expensive. However, most people believe that taking out student loans is a worthwhile investment because a college degree opens up doors to higher paying jobs. Unfortunately, in today’s economy, post-college salaries don’t always provide enough to cover cost of living expenses as well as student loan payments.
As this video explains, the Institute for Financial Literacy reports that college graduates are the fastest growing group of people filing for bankruptcy protection. With monthly college loan payments up to $625, some recent college graduates simply can’t afford to pay for basic living expenses like food, rent, and transportation. Unfortunately, student loan debt isn’t dischargeable through a bankruptcy petition.