Young people graduate college looking forward to the opportunities they will encounter. However, recent college graduates are leaving their alma mater with more and more student loan debt. Students in Texas, and across the country, are dealing with the personal consequences of such large sums of debt. This trend of increasing student debt, coupled with a lagging job market, has some economic analysts worried that an increasing number of loan defaults could be signaling a widespread problem.

According to one recent report, national student loan debt adds up to $750 billion, which is more than the total of American credit card debt. Projections indicate that graduates will not soon see debt relief, as individual student debt loads are expected to continue to rise.

If everyone was able to pay off their student loan debt, it wouldn't be an issue, but bankruptcy professionals are seeing increasing numbers of people defaulting on their student loans. This has some people worried that this may be the next big financial crisis, similar to the home mortgage crisis a few years back.

Furthermore, it is incredibly difficult to include student loans in debt forgiveness plans, as a result of bankruptcy. In other words, unpaid student debts can follow you as long as you live.

The specter of an underperforming job market also makes this situation more worrisome for recent graduates. Without a reliable source of income, it is obviously hard to pay off loans.

On balance, analysts have indicated that widespread student loan defaults would not be as damaging to the economy as the housing market collapse. What's more is that the job market is showing signs of improvement, so that may improve people's ability to lighten their student loan debt load.

The most important thing to take away from the student debt situation is that there is help if you need it. Understanding the details of what kinds of debt you hold, whether they are secured or unsecured, and what exactly a bankruptcy means for you can be very difficult if you don't have the proper knowledge. Thankfully, you can consult with a trustworthy bankruptcy professional to help you understand your options if you are experiencing financial instability.

Source: Fox Business, "Student Loan Debt: Next Big Economic Shock," Gail Buckner, Feb. 13, 2012