Today we begin our series on Student Loans, written by Sader Law Firm attorney Megan Dennis. PART 1: REPAYMENT You have a choice as to what repayment plan to enter for your student loans. While most people choose a plan when their student loan repayment commences, you can change the plan at any time. Your student loan servicer will have the most information as to what plans are available to you and can give you the information on how to make a change to your payment plan. So how do you know which repayment plan to pick? There are lots of factors to consider, including the length of the repayment, what types of loans you are repaying, what the monthly payment amount is, and the amount of interest you will pay over the life of the loan. The most common types of repayment plans are as follows: Standard Repayment: Available…
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There’s a lot of buzz right now regarding student loans, especially in light of the new repayment plan put into place by the U.S. Department of Education on December 21, 2012, called the Pay As You Earn Repayment Plan. So what exactly is the Pay As You Earn Repayment Plan? How is it different from the Standard Repayment Plan? What is loan consolidation? Is there any way to have my student loans forgiven? We are covering this in a three-part blog series meant to help you understand all the terminology and how your choices with respect to your student loans affect your finances. Part 1: Repayment Part 2: Consolidation Part 3: Forgiveness & Discharge
A study by the Federal Reserve Bank of New York found that more than a quarter of people with student loans have past-due balances. Senator Richard Durban says that “The student debt crisis in this country is largely ignored by Congress” and he held a judiciary subcommittee hearing on Tuesday seeking support for his proposed bill to remedy what one consumer group has called the nation’s next “debt bomb”. The Washington Post has more on the story here. As a rule, student loan debt cannot be discharged in bankruptcy but this is certainly a hot topic of debate as evidenced by the comments made on the article. What’s your take?
*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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