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Debt relief possible for strapped college grads in Pennsylvania

College graduates may feel cheated if they have worked hard to claim their degrees yet are struggling to find work. This is because earning a degree not only requires hard work but also is costly. If a person doesn't feel that his or her expensive investment in education is paying off in a decent job, the situation can be troubling, especially with the cost of college tuition continuing to rise each year. In this scenario, the consumer may yearn for debt relief in Pennsylvania.

The problem is that employers today typically require job candidates to have college degrees. However, the cost of earning a college degree is not affordable for the average American. In fact, total student loan debt now totals more than $1 trillion.

As the economy has improved since the Great Recession, debt delinquency has declined overall -- with the significant exception of student loan debt. Unfortunately, current bankruptcy law is not very friendly toward those with student loans, and debt collectors appear to be taking advantage of this. Some people argue that the Bankruptcy Code should change so that loans for higher education can be discharged in bankruptcy.

A college graduate may feel defeated if he or she has only debt to show for his or her college education and no job to pay for it. While student loan debt typically isn't dischargeable in bankruptcy, if the individual has experienced a significant hardship that caused him or her to default on a student loan, he or she may benefit from some relief. Regardless, filing for bankruptcy protection can help achieve debt relief concerning other financial obligations, thus making it possible to finally pay down student loan debt in Pennsylvania.

Source: The Week, Debt collectors are gorging themselves on student loans, Ryan Cooper, Feb. 19, 2014

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