KSHB 41 News in Kansas City recently conducted an on-camera interview with Sader Law Firm attorney Stephan Skepnek, who provided legal insight into President Biden’s recent decision to extend the pause in payments for individuals with federal student loans.
Skepnek’s student loan practice focuses on successfully solving student loan problems for clients, helping them to consolidate federal student loans and apply for Income-Based Repayment Plans, defend student loan lawsuits on private student loan debt or, when necessary, reduce or eliminate student loan debt through the bankruptcy process. According to the U.S. Department of Education, there is about $1.6 trillion in federal student loans nationwide, and borrowers can face wage garnishments, tax refund garnishments, harassment by creditors, lowered credit scores, an inability to save for retirement and difficulty obtaining financing for mortgages, car loans and businesses.
While private student loans don’t offer the ability to get out of default, Skepnek believes there are additional options the Biden administration could consider to help those in debt for federal student loans.
“Lowering interest on outstanding federal student loans, allowing for the availability of looser restrictions on public service loan forgiveness or allowing for people to obtain an additional discharge of their student loan debt through bankruptcy,” Skepnek told KSHB in his interview. The full story can be found here.
If you are experiencing worries related to outstanding student loan debt, Sader Law Firm can immediately start working to resolve the issue. Call us at (816) 561-1818 to discuss your specific situation.