District Court Denies Debtor Discharge of Student Loans: Appellate Panel Says ‘Not So Fast’! We’re following a potentially important bankruptcy case in 2013 that may affect the ability of individuals to discharge student loan debts in bankruptcy. On August 21, 2013, the U.S. Bankruptcy Appellate Panel for the Eighth Circuit (B.A.P.) reversed and remanded a decision of the U.S. Bankruptcy Court for the Eastern District of Missouri which denied a discharge of a debtor’s student loan debt. The B.A.P. found that denying the debtor a discharge of her student loan debts to National Collegiate Trust was an undue hardship on the debtor and remanded the decision to the Bankruptcy Court to look at each individual loan owed to National Collegiate Trust to determine if the debtor could pay any one or more of those loans owed over the course of a year. The Debtor in this case did not seem…
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Congress and the White House both agree that something should be done to prevent student loan interest rates from doubling, but they can’t agree on exactly how to get there. With the looming July 1 deadline rapidly approaching, odds are that about 7 million students benefiting from subsidized loans for the coming school year will have to pay down even larger bills after graduation. CNN has more on the story.
Today we continue our series on Student Loans, written by Sader Law Firm attorney Megan Dennis. PART 2: LOAN CONSOLIDATION When a person first finishes school, one of the main topics of conversation amongst their peers will be the much dreaded student loan repayment. Some people will brag about the low interest rate they locked in by consolidating their student loans. Others will indicate that they opted to keep their loans “as is” and make the payments separately. So what exactly is consolidation? It is combining some or all of your student loans into one new loan. Only certain student loans are eligible for consolidation. Private student loans are not eligible for consolidation. For a complete list on what loans are eligible for consolidation, please visit the U.S. Department of Education’s website. The pros of consolidation: It can lower monthly payments and can lock in a fixed interest rate. The…
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