Student Loan Debt Options
Many Americans were sold the dream of a college education as the fast track to a high-paying, highly-rewarding job. However, a poor job market and the over-saturation of postgraduate degree-holding candidates have left many college graduates without the opportunity to pay back their loans as expected. Combined with other financial struggles, these debts can crush a person’s financial hopes.
If you need help getting out of a desperate financial position, our experienced advisors may be able to help. Bankruptcy is a powerful solution that can work for those with many types of debt to make life more manageable. For more information, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman at 815-722-2201 today.
Is Discharging through Bankruptcy an Option?
Many debtors are pushed into bankruptcy because of several problems affecting their finances at once. Because student loans can prove difficult for many to repay, they may want to find a way to discharge these loans. However, incidents of student loan discharges are rare among all debtors and practically unheard of among recent graduates.
Deferment Is an Option for Many
If a person can’t pay their loans, the government will often allow them to put off payment for up to three years. While discharging these loans isn’t a realistic option for recent graduates, deferment is. Coupled with bankruptcy, deferring a loan may give a person the chance to get their life back on track.
What about Cancelling Loans?
In some cases, loans may be canceled. This is rare, however, and may not be a reliable option for most recent graduates. It may be wiser for these graduates to focus on managing other debt burdens and working on student loans after they have reestablished themselves financially.
If you’re facing bankruptcy due to financial hardships related to student loans, there may be options available to help you manage these loans while you deal with your other obligations. To learn more about these options, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.