Can You File Bankruptcy on Student Loans?
The cost of higher education has been rapidly outpacing earning potential for at least 30 years. Since the 1991-92 school year, tuition at a four-year public college has ballooned from an average of $4,160 per year to $10,740—a price point that is out of reach for the average student and their family.
This rapid acceleration in college tuition has led to a growing financial crisis. Parents are increasingly taking on this debt for their children, too, with the average parent student loan balance averaging $35,000 in the 2018-19 school year. Altogether, approximately 44 million people in America are carrying a combined $1.7 trillion in student loan debt.