Student Loan Hero’s recent study shows that LGBTQ people have 17% more student loan debt than the general population and that 33% more LGBTQ graduates regret having taken out those loans, but bankruptcy should be a last resort. Regarding the growing student loan debt crisis, bankruptcy attorney Jay Fleischman of Consumer Help Central and the Student Loan Show says, “We’ve barely seen the tip of the iceberg.” That said, Fleischman continues, “ I might be the only bankruptcy lawyer who actively tells people not to file for bankruptcy. Next, they must show that extenuating circumstances exist and will continue to exist causing undue hardship during the student loan repayment period. Most LGBTQ student loan borrowers may, however, meet this benchmark. Student Loan Hero also found, “60% of LGBTQ people with student loan debt also have other types of debt, and 79% of those with other types of debt specifically have credit card debt.”Filing bankruptcy for student loans and proving undue hardship isn’t easy processes, and for graduates who don’t get their student loans discharged, additional expenses are incurred.

Source: Forbes March 20, 2018 10:52 UTC