Guest post by Frank Pipitone.
Unless you have been hiding under a rock, you have heard or read about the looming student loan economic crisis. The National Association of Consumer Bankruptcy Attorneys (NACBA) refers to this coming crisis as the student loan “debt bomb.” A brief look at the NACBA report and the startling statistics explains why they coined this explosive title.
Over 37 million Americans are currently saddled with student loan debt with the total amount owed in excess of 1 trillion dollars. While these numbers are frightening, some of the trends outlined in the report are more concerning: