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Student loan delinquencies raise serious concerns

In a competitive job market, prospective applicants may try to do whatever they can to set themselves apart from the pack. For many, this means going through some sort of higher education. It also means that student loans may be necessary to finance the costs of education. Unfortunately, however, many Michigan graduates may be put in a tough position between making loan payments and being unable to find a job.

Statistics from the U.S. Department of Education confirm that many graduates are struggling with loan payments and the consequences of unemployment or underemployment. Namely, a shocking 11 percent of these individuals were "seriously delinquent" on student loan payments in late 2012. This represents a 5 percent bump since 2003. 

This is one reason why many young people may be seeking debt relief only a few years out of college. No one wants to feel like they are so far behind at the beginning of a new chapter in life. This is why it may be beneficial to explore what options exist to remove the financial pressure of debt.

One thing that recent graduates may quickly find out is that student loans are very rarely discharged in bankruptcy. If student debt represents the largest share of a person's debt, they may want to look at other options -- such as renegotiating rates -- in order to find some relief.

Although student loan debt might be a major concern for many individuals who are having trouble finding employment, one thing to note is that college grads still have an edge in the job market over those who don't have a college degree. This fact further points to the economic difficulties people of all levels of educational attainment share as the economy continues to recover.

Source: Bloomberg, "Overdue Student Loans Reach Record as U.S. Graduates Seek Jobs," John Hechinger, May 22, 2013

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