For many Tennessee residents with overwhelming debt, student loans may be a contributing factor. As college tuition continues to rise, an increasing number of people are faced with the challenge of paying off overwhelming amounts of student loans. In addition, with the job market still in a state of recovery, securing a job with an income that can make student loan payments can be difficult.
Young Americans who dream of parenthood may be putting off starting their families amid the poor economy. The costs of a child, purchasing a home, saving for college, along with the unanticipated costs of parenting may be too much of a burden to bear. According to a recent report, the US birthrate has fallen to its lowest point in 25 years.
In a tragic case that demonstrates the aggressive tactics taken by creditors, a man continues to be harassed to pay the debts of his dead son who was killed in a rollover accident within months of graduating from college. The bereaved father has received notices, phone calls and threats from creditors who claim he is still obligated to pay.
While a debt crisis is felt nationwide, many college students are vulnerable to significant and unmanageable debt. In addition to college loans, students in Tennessee and nationwide are also confronted with medical expenses and credit card debts compounded by the fact that many cannot get a job to make ends meet.
Rising student debt throughout the nation is not only a burden to individuals who are not making the income to pay off the debt. As the cost of college and university rises, student-loan debt is becoming a drag on the housing market. Where students used to get jobs and purchase homes, they are now living with the burden of loan debt.