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Student loan debt can lead to personal bankruptcy

A college education remains a top priority for many California residents, and a great many people are willing to go into deep levels of debt to attain their college degree. Once school has concluded and a graduate enters the workforce, his or her degree may not lead to the job opportunities that were expected. In some cases, the decade after college is one defined by unmanageable debt. Personal bankruptcy is one way to ease debt issues, but many college grads try other measures before giving bankruptcy serious consideration.

Some employers are beginning to recognize the financial crunch that workers face in regard to student loan debt. In response, some companies are offering to assist workers in repaying their student loans. For those who are lucky enough to work for such a progressive-thinking company, the road back to financial stability might be easier to navigate.

One such company, consulting firm PwC, pays workers up to $100 each month for up to six years toward student loans. Other companies hope to entice workers with a lump sum offer that would be paid out after the employee has completed a number of years with the company. Reaction to these offers has been overwhelmingly positive, and employees who are able to take advantage of those programs are appreciative of the assistance.

Of course, not everyone will be able to tap into this level of employer generosity. Only an estimated 3 percent of companies offer loan repayment programs. For everyone else, repaying student loan debt will continue to pose a challenge. In some cases, California workers may want to consider whether personal bankruptcy may offer a solution to high consumer debt woes.

Source:, "College debt relief could be next big workplace perk", Jackie Crosby, Jan. 31, 2016

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Thomas F. Miles, Attorney and Counselor at Law
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