How to Find Help If You Can’t Pay Your Student Loans

Posted on December 18, 2013. Filed under: Chapter 13 Bankruptcy, Consumer Alerts, Consumer Bankruptcy Attorney |

student loan money

The area of student loan forbearance and forgiveness can be confusing and misleading if you rely on the internet to research your options.

Thankfully, the new Consumer Financial Protection Bureau, also known as the CFPB, in Washington, DC offers a website to begin the process of dealing with student loans that are not current.

The site, which can be accessed by clicking here, can cut through some of the confusing material and misleading information that you may find on the internet. As a government agency, the CFPB was set up with a specific mandate to help the average consumer deal with all the confusing myriad of options out there in the financial world. The CFPB was the brainchild of Senator Elizabeth Warren, who at the time was a professor at Harvard Law School, and a long time advocate of consumer rights for the public.

This site can be a starting point for research and my message would be to not give up, as most of the time the student loan lenders, be they government or private, will offer you better options and terms than you currently have if you can demonstrate a financial need.

Also, though you can not typically wipe out, or discharge, student loans in bankruptcy, often a Chapter 13 bankruptcy can allow you to put the loans in a pot and pay back a small amount to them over time. This way, you can get some breathing room for a few years to allow your income to increase and start paying them back after the end of the Chapter 13.

For bankruptcy options such as this, feel free to contact Kentucky Bankruptcy Attorney John Rogers toll free at 1-888-651-9353 and also find us on the web at www.bankruptcy.ky

photo credit: SalFalko via photopin cc

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