Student loan debt in America is exploding, growing by an estimated $2,726.27 every second and totaling over $1.38 trillion dollars (as of this morning). Not only are students being buried in debt, parents are now, too.
And with so many shady debt servicing companies and for-profit colleges out there, it's more difficult to repay that debt and separate fact from fiction while doing it. So here are some of our best legal tips for dealing with student loan debt, from our archives.
That's what we're told, and that's what makes the weight of student loans so heavy. And, when it comes to student loans from the federal government, that's true — federal student loan debt can't be discharged in bankruptcy. But you may have some more leeway if the loan is from a private lender or you can demonstrate an undue hardship.
No, in most cases your student loans won't magically disappear. But there are loan forgiveness programs based on your income and partial payment and other programs based on employment in the public sector.
As many debtors have discovered, settling student loan debt isn't quite as easy as credit card, car loan, or even medical bill debt. Part of that comes from debt servicing companies requiring large lump sum payments to settle the debt, payments that exceed the savings or income of many debtors. But there are options to settlement if you can't afford your student loans.
We all bring a little baggage into our marriages, from family and friends to finances. So does that mean we're on the hook for a spouse's school loan debt? That will generally depend on when that debt was acquired.
Many of us can't get student loans on our own credit, and need a cosigner who's on the hook if we can't repay. Can you release a cosigner from that obligation before the debt is fully repaid? And if so, how?
Dealing with mountains of student loan debt is not easy. If you need legal help with your student loans, contact an experienced attorney today.
- Find Bankruptcy Lawyers Near You (FindLaw's Lawyer Directory)
- Top 7 Student Loan Debt Questions, Answered (FindLaw's Law and Daily Life)
- 5 Strategies to Manage Your Student Loans (FindLaw's Law and Daily Life)
- 5 Tips to Consolidate Student Loans (FindLaw's Law and Daily Life)