Student loan debt continues to rise with no end or solution in sight. I am now seeing parents coming in after having made the financial decision to give up their homes in order to pay for their children’s education. These families have decided to stop paying their mortgages so they can assist their children with tuition. It really is quite sad that the American Dream of owning a home has to be replaced with the dream of having our children go to college. Bankruptcy may no eliminate student loan debt (in 99.9 percent of cases but it can eliminate credit card debt and in some cases second and third mortgages so that there is more household money available for education.
See the link below which is an article about NFL players and student loan debt. (Remember football players do not know they will make it to the big time when they are in college.). You and your children are not alone with mounting student loan debt. If those making hundreds of thousands of dollars are carrying and dealing with student loan debt how is the average Joe suppose to manage? At least the person making the hundreds of thousands of dollars will have the financial ability to payoff their student loan debt.