Stress of student loan debt

The cost of both private and public college degrees has skyrocketed, and total student loan debt nationally has swelled to $1.2 trillion, according to the Consumer Financial Protection Bureau, an amount that dwarfs total credit card debt.

But wages for college graduates have not increased at the same pace.

The burden of so many young people making high monthly payments has a negative impact not only on their future, but also on the economy. While making agonizing choices between making loan payments or buying groceries and paying rent, young people are hindered in their ability to do other types of consumer spending, or qualify for home mortgages, auto loans, save for retirement or launch businesses.

Mr. King’s five-year clock on the Chapter 13 bankruptcy began ticking down about a month ago. He is hoping that five years of $200 monthly payments will give him the break he needs to build up his income and savings so that he will be able to afford $1,000-a-month payments in 2020.

He has been able to move his family out of public housing and into a four-bedroom home in Leetsdale, which he rents for $725 a month. He is proud of the fact that his family receives no government assistance.

But he worries about holding onto what he has in light of his tremendous debt burden.

“The best way I can describe my situation is it’s like mountain climbing with no ropes, nothing to support me, and I have weights on my legs,” he said. “I really can’t bear the weight, but I keep trying and striving and moving up. But if I slip one time, I’m right back to where I was. That’s my biggest fear.”