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Graduates crushed under massive debt burden

Think you are going to graduate debt-free? Think again, say financial experts. Today's college graduates are increasingly seeking debt relief because of their whopping bills, many of which come due not long after they doff their mortarboards. Graduates are accumulating massive debts from student loans, credit cards and other expenditures, leaving the average 2013 graduate indebted to the tune of $35,200 or more.

Not surprisingly, half of these graduates are surprised by the true debt load they are carrying after college. After all, $35,200 amounts to what most college grads make during their first year on the job market. This quandary has implications far beyond simple credit card payments. Fewer recent grads are able to purchase cars or even consider buying homes, not to mention saving for retirement or accumulating emergency funds. With 70 percent of college grads exiting with loans, and most taking at least a decade to pay them off, it's no wonder that this generation is steeped in deeper debt than their predecessors.

As a consequence, younger people are at a distinct disadvantage when it comes to building wealth. In fact, people in their late 20s to late 30s are accumulating about 21 percent less wealth than just a generation ago. The problem: student loans.

Most students say they wish they had been better educated about the financial risks and rewards associated with taking out student loans. They also would have liked additional research time before committing to loans, as well as more information about cutting costs and saving during college. Even though national student loan debt is surpassing $1 trillion, it is still obvious college is the best way to improve individual standards of living.

If you are struggling under the weight of student loans, do not fear. Attorneys and financial planners are available to help you learn more about your legal options, some of which may include bankruptcy and other debt relief measures. Do not suffer through student loan payments in silence. Instead, consult these professionals to get help through financial relief.

Source:  www.business.time.com, "Car? House? Sorry: Graduates of 2013 are each $35,200 in debt" Dan Kadlec, May. 17, 2013

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