Student Loans

Student Loan Debt … how to incur as little as possible.

Posted on May 22, 2018. Filed under: Student Loans, Uncategorized | Tags: |

Ashley, over at the Life Tastes Better on a Budget Blog has recently re-posted her article How to Graduate From College Debt Free.

Since it’s high school graduation time and many  young folks  will be heading off to college, and many parents and grandparents will be sending their young folks to college , we thought it would be wise to share Ashley’s blog post.

As most folks know, generally  speaking, you can not wipe out, or discharge, student  loan debt in bankruptcy. So now, more than ever, it’s important to incur as little student loan debt as possible. While it is impossible for most to not take out ANY  student loans at all, by following Ashley’s guides, it is likely to that you can limit the amount that you do have to incur.

Good luck to all the new graduates, and here’s hoping for a prosperous and debt free (as much as possible !) college experience for you all.

We have provided links to her blog post throughout  our Blog Post above, but you can also access her post by clicking here.

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What are my options if I am worried about not being able to make payments on my Federal student loans?

Posted on September 24, 2013. Filed under: Reorganization of Debts, Student Loans | Tags: , , , |

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.

photo credit: SalFalko via photopin cc

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Should the Treatment of Student Loans in Bankruptcy be Changed ?

Posted on October 25, 2012. Filed under: Student Loans |

Daniel A. Austin of Northeastern makes an argument in an article in the Santa Clara Law Review that the bankruptcy rules regarding how student loans are dealt with in bankruptcy should be changed. 

He argues that the student loan debt should receive a “fair market value” determination at the time of the bankruptcy filing and that portion of the debt that is determined to be the fair market value would be deemed non-dischargeable and the balance of the loan would be deemed a general unsecured debt which would be dischargeable in a Chapter 7 bankruptcy, and presumably, paid a percentage back in a Chapter 13 bankruptcy, as credit cards and medical bills, for example, are now. 

The “devil is in the details”, as they say, and we will have to wait until we review the full article to see, but I think it is a proposal that merits a look by Congress.

As the author points out, 37 million Americans owe over 1 trillion dollars in student loan debt.  Unless something is done to address this, an entire generation of young Americans will never be able to see above water.

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