Student Loans


Student Loans

Student Loans Manchester, New Hampshire Bankruptcy Attorney

If you are struggling with student loans there are options available to you beyond simply making monthly payments. It is important for you to have a repayment plan in place in order to keep your debt under control, however, this is not always a financial possibility. If you pay late, you could end up paying additional and unnecessary fees as well as high interest costs. With that in mind, these programs can help you to keep your short and long-term cost of student debt under control and possibly even waive your debt entirely.

#1 Public service loan forgiveness.

If you were to go into a job working for the government, a nonprofit agency or some type of public service job, you could qualify to have any remaining loan balances forgiven after making payments on them for 10 years. This is an excellent opportunity for anyone that has accrued significant student loan debt in order to get their advanced degrees prior to going into their career. Additionally, if you get a job as a nurse, a teacher, or go into the Peace Corps, there may be additional loan forgiveness programs available to you.

#2 Undue hardship discharge in bankruptcy.

In most cases, student loans cannot be discharged as part of the bankruptcy process. However, it is possible when working with an experienced attorney. In order for a judge to consider discharging student loan debt, it must be demonstrated that making payments on the student loans would make it difficult or impossible for a debtor and their dependents to maintain a minimal standard of living. Naturally this creates a gray area and it will be up to the judge to determine what standard of living they deem to be acceptable. The judge will also look at a debtors’ employment to determine if they are at or near their maximum earning capacity.

#3 Income based repayment.

If you are struggling to make your payments now, you should consider entering into an income-driven repayment plan. With this program you can pay a percentage of what you earn annually. This ensures that your student loan debts do not represent too significant of a portion of your income, making it difficult for you to keep up with your other obligations. There are also aspects of this program that allow for debt forgiveness once you have paid on the loans for a certain period of time.

Call Today to Learn More About Your Options for Student Loans

Schedule a consultation today to discuss your options for reducing or eliminating student loan debt.


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