Was My Degree Worth It?

Every student asks themselves this question at least once during their collegiate career. But what comes to mind when you hear the question “was it worth it?” Perhaps, some think about the countless hours spent studying or the long distance from home, but if you are most of college graduates in the United States the first thing that comes to mind is really a question of debt. Was my degree really worth the amount of money I had to borrow to get it?

The federal loan system is in essence a form of indentured servitude. The government gives students money to finance an education that in many cases won’t land them anything more than a managerial job at a local car rental company. I don’t think that’s what most students have in mind when they first set out for college. I think college is a place to cultivate intellectual growth and challenge ideas and theories. It’s a place where you go to learn practical knowledge that will help stabilize and eventually enhance your financial future. But unfortunately for many their intellectual pursuits will be bogged down by the need to repay the government the money they’ve so willingly gave away at the beginning of your studies. And never mind the fact that you can’t find a job or are stuck working for minimum wage until the benefits of your degree finally trickle in. After all there should be benefits, shouldn’t there?

The total U.S. student loan debt is currently at $1.2 Trillion with student debt being accrued at an average of $3,000 per second. The average student debt for recent graduates is over $33,000, up from $28,000 for 2013 grads. In Florida over 53% of graduates owed more than $24,000 in 2013. Surely but steady student loan debt continues to rise and become an intricate problem for society and the nation at large.

The government can even collect you loans through federal benefit offsets by garnishing, amongst other things, Social Security benefits. The government cannot take any benefits amounting to less than $9,000 per year or $750 per month. But if you earn more than those amounts in government benefits such as benefits under Part B of the Black Lung Act then the government can offset no more than 15% of your federal benefits.

You can also challenge federal benefit offsets by requesting a reduction or suspension of offsets through The U.S. Department of Education. The formal review is discretionary and generally requires the petitioner to prove exceptional circumstances causing financial hardship through extensive documentation including proof of yearly income and a financial statement.

When it comes to student loan debt, no graduate is alone. There are many students who are struggling with the current job climate and are finding difficult to finance their education. The most important part to funding your knowledge is to be knowledgeable on your funding and knowing your rights in regards to federal student loans could really save your credit in the long run.

If you need help with your student loans or are confused about your options, call Florida Student Loan Attorney Robert Peters at 904 421 6907 for a student loan analysis or email Michelle.peters law@gmail.com today!

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