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Student Loan Debt: Not a Bankruptcy Option

Student Loan Debt: Not a Bankruptcy Option
"The ongoing discussion about student loan debt has been a popular topic this summer. As college costs continue to rise and the job market remains relatively stagnant, many individuals in debt are desperate to find a way out. Currently, it is very challenging to eliminate student loan debt through bankruptcy. Due to the precedent it would set, courts are reluctant to enable this type of debt to be discharged through bankruptcy. If debtors were able to discharge their student loans through bankruptcy, the courts (and legislators) believe it would cost creditors billions of dollars.

However, only a few instances have allowed this debt to be discharged in bankruptcy. If you wish to have it discharged through bankruptcy, you must be prepared to live at or below the poverty line for several years while making every effort to earn a higher income. Even so, your chances remain uncertain. Does not sound particularly alluring, does it?

Knocking Out Student Loan Debt

Considering how notoriously difficult it is to eliminate student loan debt through bankruptcy, you may want to consider a few of these alternative options for eliminating that debt...

Discuss with your employer the options and programs that may be available to you. Many employers are prepared to pay for their employees to return to school to increase their value to the organization. If you are not earning enough money in your current position to work for your employer and pay off your loans, you should ask your employer for assistance. It is an excellent incentive for them to retain you as an employee!

2. Determine if your employer would be willing to make a loan payment in lieu of giving you a cash compensation or award. As pleasant as that cash bonus may be, having someone else pay off your student loan debt is even better! Numerous employers are receptive to this strategy.

Consider consolidation alternatives. Consolidation may or may not be beneficial, but you won't know until you conduct research. By consolidating their student loan debt, a large number of individuals are saving a substantial amount of tension and extra cash.

Student loan debt is complex and is best managed with professional assistance. Working with a professional regarding your debt has many benefits, including the cancellation of interest paid on your accounts and the development of a suitable payment plan.

" - https://www.affordablecebu.com/

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"Student Loan Debt: Not a Bankruptcy Option" was written by Mary under the Cebu Travel Guide category. It has been read 251 times and generated 1 comments. The article was created on and updated on 31 May 2023.
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