According to statistics, around 19 percent of people who file for bankruptcy are college students. It's a normal way of life in America to take out student loans, but those loans cost what a student would pay for college many times over by the time they're paid in full. It's no surprise that around one out of five people who file for bankruptcy are living the college life where incomes are scarce and costs are high.
It's a reality that more students need to be educated on the expense of college and borrowing. Some believe that having debt is a way of life, and to get an education, it sometimes is. However, you need to be able to get out of that debt once you accrue it, a difficulty for many.