Providing New Jersey Residents With A Fresh Start
  1. Home
  2.  — 
  3. Chapter 7 And Chapter 13 Bankruptcy
  4.  — How can college graduates pay off their debt?

How can college graduates pay off their debt?

On Behalf of | May 17, 2022 | Chapter 7 And Chapter 13 Bankruptcy |

You had the typical college experience: going to parties every night, living off pizza and free food, joining clubs that went on oversea trips, binge-watching shows until you have to write up that last-minute essay — and, of course, building up a ton of debt along the way. College students are easy pickings for credit lenders. 

A seemingly free credit card is like gold in the eyes of a student. Many college expenses can easily go on a credit card, like overpriced books, meals, gas and the bitter-sweet nectar of morning coffee. This makes coming out of college stacked with more than just student loan debt. 

All the debt you built up may have you wondering, “How will any of this be paid?” Here’s what you should know:

Find that perfect after-college job

One of the biggest reasons for people to go to college is to come out with the expertise for a specific job. This could mean getting a business, engineering, computer science or political degree that lets you jump into just about any job in that field. 

A college degree, however, doesn’t guarantee you’ll be making bank by the end of the year. You can find it difficult to put that college degree to good use after your graduation. This is very true for anyone in the arts majors that rely on more self-motivation and discipline to make the most out of their degree.

Join the student loan debt forgiveness movement

College debt is soaring through the roof in the United States causing more and more people to hope for their student loans to be forgiven. It’s an appealing concept that shines just a little hope to graduates. While there has been tons of talk about student loan forgiveness in the last few years, little has happened on a country-wide scale to ease people’s pains.

File a Chapter 7 or 13 bankruptcy 

Debt can be one of the hardest things to get off your back. You have the choice between Chapter 7 or 13 bankruptcy to clear away your unsecured credit card debt.

Chapter 7 and 13 bankruptcy doesn’t usually extend to student loans, but it does make it easier to focus on them without all your credit card debt. You should consider all your legal options when looking to clear your debt. 

FindLaw Network