Although many young adults in high school have their sights set on attending college, few are financially savvy enough to understand the long term consequences of taking student loans. This is especially troubling at a time when college tuition is skyrocketing. With student debt climbing, efforts to beef up financial literacy instruction in high schools has emerged and a number of states have moved to push legislation requiring basic financial courses to graduate.
As it stands, however, only 17 states require a course in personal finance at the high school level according to the Council for Economic Education. Consequently, 1 in 5 American high school students lack even basic financial skills such as being able to read a pay stub or not understanding why they shouldn’t share online banking login information.
With the average student debt at roughly $30,000 and with millions of borrowers defaulting on their student loans each year, financial education is essential before students go on to make decisions about taking tens of thousands of dollars in student loans.
Educators, schools and parents are all being encouraged to help kids gain the financial literacy skills they need to avoid financial difficulties down the road, but it may come as too little too late for some who are grappling with debt now. Although students loans are not typically dischargeable under Chapter 7 bankruptcy, other unsecured debt such as credit cards or medical bills may be wiped away providing needed relief to get back on track.
If you have questions regarding student loan debt and if Chapter 7 bankruptcy protection could help you get a fresh start, call the Peoria bankruptcy law offices of Charles E Covey for immediate assistance today at 309-674-8125.