In today’s world, having student loan debt is a reality for many. There are quite a few individuals here in Tennessee who carry a student debt load. According to federal government estimates, there are around 831,000 student loan borrowers in the state.
For many student loan borrowers here in Tennessee, their student debt load is no small number. According to the above-mentioned federal government estimates, $26,707 is the average student debt load for Tennesseans who have student debt.
It is estimated that the total amount of student debt that individuals here in Tennessee hold is around $22 billion. This is the 18th highest total student debt load in the country.
Sometimes, having a high student debt load causes financial problems for an individual. For example, having high student loan debt sometimes makes a person’s overall debt load so high that they are no longer able to stay on top of their debt and they no longer can make all of their debt payments.
One thing to note when it comes to struggles with student debt is that some debt relief options generally cannot be used on student debt. For example, a person typically cannot receive a bankruptcy discharge of student loan debt.
However, this does not mean that bankruptcy and other debt relief options can provide no help to individuals who are facing student debt struggles. For example, a bankruptcy can sometimes help a person who is dealing with student debt troubles get discharges on other types of debt they hold or get their student loan debt payments reorganized to a more workable arrangement. Bankruptcy attorneys can help individuals who are facing problems with student debt get a clear picture of what debt relief options they have.
Source: Memphis Business Journal, “Student loan debt burdens Tennessee,” Ed Arnold, April 21, 2015