Bankruptcy Law Center Scholarship Contest

Student loans have become a serious burden for American families. In 2012, for the first time in history, outstanding student loan debt eclipsed both auto loans and credit card debt. Student loans debt has more than quadrupled in the last Golden-Grad-Student-Loan-Burden decade alone and default rates. More troubling, default rates for student loans are more than three times higher than those for credit cards, and that does not take into consideration the large group of outstanding student loan debtors whose loans are “current” but not being paid due to forbearance, deferment, or other temporary suspension.