A recent poll released by the research firm YouGov asked student loan debtors how far they would go to pay off their debts. The data revealed 1 in 9 people would eat a tarantula and 31 percent would eat nothing but cheap ramen noodles for weeks. We can’t decide whether eating ramen or a tarantula is worse, but the results, while ridiculous, show many people with student loan debt are suffering.
Why would people do such drastic things to pay off student loan debt? Many former students and graduates feel trapped by their debts, as evidenced by a high number of survey respondents who have delayed buying homes, cars, renting apartments, starting businesses, and moving out of Mom and Dad’s house.
According to the data, 25 percent have delayed moving out of their parents’ houses and 41 percent have been unable to afford homes and apartments.
What Non-Extreme Ways Exist For Discharging Student Loans?
Fortunately, we have good news. There is no need to eat giant spiders or subsist solely on ramen noodles. Recent court decisions have allowed discharges and reductions on student loans. Although it is a popular myth that student loans are non-dischargeable, recent news and personal experience have proven otherwise.
Debtors in Missouri can find hope in the recent case of Conway v. National Collegiate Trust, in which the Eighth Circuit Court of Appeals overturned a previous bankruptcy court’s decision to deny a young woman a discharge on her $118,000 in student loans.
Recent court cases are not the only reason former students and graduates should have hope. The Sader Law Firm helped a woman who owed more than $400,000 in student loans settle with creditors for $150,000.
When faced with the decision of eating spiders or calling a bankruptcy attorney to discuss options for handling student loan debt, we hope the choice is an easy one to make.
The Sader Law Firm – Kansas City Bankruptcy Attorneys