Specifically, this Sunday's Times tackles the collection efforts (and bounties) companies are seeing through student loan collections. Here's the most shocking number,
As the number of people taking out government-backed student loans has exploded, so has the number who have fallen at least 12 months behind in making payments — about 5.9 million people nationwide, up about a third in the last five years.
In all, nearly one in every six borrowers with a loanbalance is in default. The amount of defaulted loans — $76 billion — is greater than the yearly tuition bill for all students at public two- and four-year colleges and universities, according to a survey of state education officials.The secret gem in the article, highlights a little-known secret for those in default on student loans and for those who a Bucks County bankruptcy is not an option:
Introduced in 2009, income-based repayment was supposed to help change that by allowing borrowers with high levels of debt but modest incomes to make relatively small payments over a long term. But many borrowers were never told about the income-based option, and many others have been frustrated by the onerous requirements. So far, 1.6 million borrowers have applied for income-based repayment; 920,000 are active participants and another 412,000 applications are pending.Thus, it makes sense to consider requesting an income-based repayment plan if the creditors are hounding you. It is not as lucrative for the "sponge-squeezing" collectors, but that's their problem.
Frequently, student loan debt and inability to repay such debt coincides with credit card debt and/or mortgage foreclosure in Bucks County. If you need Bucks County bankruptcy help, please do not hesitate to contact me for a free consultation.
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ReplyDeleteIf you have taken out a home mortgage loan and facing indeed difficulty to repay your loan, then you have the last option to file bankruptcy. Bankruptcy either eliminates a part of your outstanding loan obligations or it can offer you a loan repayment plan. That is absolutely fine. However, if you have taken out a student loan and facing really tough to repay it, then the option to exercise bankruptcy to discharge your student loan obligations is not open to you. If the bankruptcy court feels that you are indeed facing undue hardships to repay your student loans, then only student loans can be discharged through bankruptcy.
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