Former and present members of the military are highly regarded by lawmakers and the American public. Federal lawmakers have created multiple programs that can help active duty personnel and veterans pursue a higher education. Perhaps most famously is the G.I. Bill, which provides multiple types of benefits. The G.I. Bill has undergone multiple changes over the years. There are additional educational and student loan repayment options for active duty members and veterans. Use the G.I. Bill: You may be eligible to use G.I. bill benefits, which can provide tuition, housing and school supply assistance. However, depending on when you left the service and other factors, your eligibility and the amount received may vary. For instance, President Trump signed the Forever GI Bill into law, which made some changes to how aid is disbursed. G.I. benefits can be used in conjunction with federal student loans. Repayment assistance programs. Multiple student loan…
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There are multiple types of mistakes you could make while repaying your federal student loans. You could make late payments or pay the wrong amount. Another common mistake is not utilizing income-based repayment programs while experiencing financial hardship. However, you should also be aware that there are mistakes you could make while talking with your loan servicer. These are companies contracted by the Department of Education to collect payments on loans and answer inquiries. There are general mistakes and major mistakes you could make with your student loan servicer. Forgetting to update your address information may not be a big deal if your servicer has a copy of your email or phone number. More serious mistakes could cost you hundreds or even thousands of dollars. Mistake #1: Not Keeping Records Student loan servicers are notorious for making mistakes. Borrowers have reported their servicers lost paperwork, applied the incorrect amount for…
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The Department of Education is planning to review how student loans are discharged in bankruptcy. According to the Education Department, it is seeking public comments on the process for evaluating student loan undue hardship claims during bankruptcy. Student loans are difficult to discharge in bankruptcy because of the undue hardship rule. You must show that repaying your student loans would keep you from maintaining a minimal standard of living, among other factors. Over the past several decades, changes were made to the bankruptcy code that made student loans more difficult to discharge. By the time the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was signed into law by President George W. Bush, both federal and private student loans could not be discharged without showing undue hardship. Congress never defined what constitutes “undue hardship”. As a result, undue hardship is determined by the courts for each individual bankruptcy case….
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