Student loans are difficult to discharge in bankruptcy. A person must be able to show that payment of student loans poses an undue hardship on the debtor and the debtor’s dependents, however, few are able to pass the test required to prove they are worthy of consideration. However, recent developments may help those who have taken loans from private lenders. The Second, Fifth and Tenth Circuits Courts have joined in ruling that a private student loan is NOT an obligation to repay funds … [Read more...]
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End of Student Loan Repayment Freeze
With the federal freeze on student loan payments coming to an end September 30, 2021, borrowers across the country will be required to resume payments on their loans. After the financial hit many took during the pandemic, having another bill coming due is certainly not welcome news. With a couple of months to go before the freeze ends, borrowers do have various options to consider for loan repayment such as a fixed plan with the same monthly payments, a graduated plan where payments increase … [Read more...]
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Pushing Back on Student Loan Debt Collectors
With few exceptions, student loans are not dischargeable debt through bankruptcy and, because it can be difficult to keep up, many borrowers are defaulting on their student loans. Creditors are quick to act by filing tens of thousands of lawsuits every year against borrowers who have fallen behind. Although creditors seem to wield all the power when suing people to recoup student loan debt, there are some defenses debtors can use to halt student loan collection cases. All too often, … [Read more...]
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Bankruptcy Student Loan Forgiveness Evolving?
Of interest to the many Americans who have unpaid student loan debt they are unable to tackle: The Trump Administration indicated yesterday that it is considering allowing more borrowers to erase student debt in bankruptcy, signaling a new chapter in bankruptcy student loan forgiveness. Anyone who has contemplated bankruptcy may well know, federal law prevents the discharge of student debt in a bankruptcy with very few exceptions. Because of the stringent standards for cancellation of … [Read more...]
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Unpaid Student Loans in a Bankruptcy
The high cost of education coupled with a long-stagnant job market has left many college and trade school grads with a pile of insurmountable debt. New data released by the U.S. Department of Education reveals that numerous students have defaulted or failed to pay back their student loans. In fact, at more than 1,000 colleges and trade schools across the country, at least half the students have not made a payment within seven years or have defaulted altogether. Some borrowers wind up … [Read more...]
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