Many college students in California graduate with dreams of becoming successful entrepreneurs. Four years or more of post-secondary schooling provides ample time to dream big dreams and make plans for one’s financial future. However, it seems that outstanding college loans are common impediments to business formations throughout the nation.
When planning a business start-up, there are many decisions to be made regarding potential company size, product, management, financing and more. Even with the best intentions, it is difficult to get a business off the ground while facing tremendous financial debt of any sort. Apparently, many college students have said their business dreams are on hold until they can pay back tens or even hundreds of thousands of dollars in school loans.
For example, one young couple had hoped to open a restaurant after the wife’s college graduation. The couple’s hope has stalled due to the fact that she still owes $53,000 on school loans that had totaled $72,000. Someone in a similar situation might want to consult with a business attorney to seek advice about potential debt relief options or ways to forge ahead in creating a business formation plan.
California is considered a ripe landscape for hopeful new business owners. Wineries, fine dining, fashion and adventure abound throughout the state, providing what some say is the perfect backdrop for the next great business idea. Any person with legal questions or concerns about business formations and how plans might be affected by outstanding college debt may contact an experienced attorney to discuss his or her particular situation.
Source: abqjournal.com, “Student loan debt puts damper on business formation“, Joyce M. Rosenberg, June 6, 2016