The Washington Business Journal reported last week that Washington D.C.’s student loan debt levels are the highest in the nation.
The average balance among District residents with student loan debt in January was $47,390, compared to a national average of $29,339. Maryland ranks second highest, with average student loan debt of $33,727.
The numbers are truly shocking—D.C. residents owe nearly twice as much as the average American, while Maryland residents owe over $4,000 more in student loan debt.
Unfortunately, for people with student loans, it is extremely difficult to eliminate them through bankruptcy. However, for most borrowers, a bankruptcy filing can help eliminate other debts, like credit cards and medical bills, affording them more income to pay student loans.
For people who are struggling to pay their bills, Chapter 13 or Chapter 7 bankruptcies are options. Filing for bankruptcy triggers an automatic stay that puts an end to collection attempts by creditors.
If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.
Law Firm of Kevin D. Judd
Judd’s Judgment: In 2011, nearly 15 percent of student loan borrows defaulted on their loans.