Student Loan Debt
While bankruptcy rarely offers any relief from student loan debt, there are non-bankruptcy options which can help many student loan borrowers better manage their student loan debt, and possibly qualify for partial or full loan forgiveness. While obtaining a deferment or forbearance may offer a temporary reprieve, the fees and interest that accumulate during the deferment or forbearance will only make the student loan debt even larger once it becomes time to make the payments. If your student loans are guaranteed by the government, then you may qualify for one of the repayment plans at ibrinfo.org.
These repayment plans are based on your income and expenses, and can allow for monthly payments significantly less than what may be required under the terms of the loan. [pullquote style=”right”]There are non-bankruptcy options which can help many student loan borrowers better manage their student loan debt, and possibly qualify for partial or full loan forgiveness.[/pullquote] In some cases, borrowers with low income may be permitted to pay as little as $0 per month! Even loans that have gone into default may still be eligible for some of the repayment plans at ibrinfo.org. More importantly, once the loans are removed from default status based on a borrower’s satisfactory compliance with a repayment plan, the borrower will no longer have to worry about wage garnishment or the seizure of their income tax refund. And there is no cost to you to participate!
For years our firm has been providing this information to our bankruptcy clients who faced student loan debt after the completion of their bankruptcy cases, in order to fully assist them with their financial recovery. By making this information more available, we hope to assist consumers who may not require our bankruptcy services. If you have unmanageable student loan debt, see if you qualify for an affordable repayment plan at ibrinfo.org.