Learning how to get out of student loan debts may prove helpful to some who are heavily financially burdened. Although it may sometimes be totally eliminated, it is generally difficult to erase.
Options for Dealing with Burdensome Student Loan Debt
If you’re struggling to make payments, one option is to apply for a payment plan and various programs may be available such as the:
- Hardship Repayment Plan for Perkins Loans;
- Income Contingent Repayment Plan; and
- Income Based Repayment Plan.
Sometimes you can restructure your current payment plan or reduce the interest rate. Or you might be able to consolidate your loans. A deferment or forbearance may allow you to stop making payments for a specified period of time. Some loans may continue to accrue interest, though.
When hoping to get rid of student loan debt, you might also consider filing for bankruptcy. You normally can’t discharge this type of debt, but you might be able to apply for a hardship discharge if you meet certain requirements.
Contact Warren & Migliaccio, Bankruptcy Attorneys in Plano
According to The Project on Student Debt, in Texas, 56 percent of college graduates had student loans in 2011 with an average amount of $22,140. Talk to a bankruptcy attorney at Warren & Migliaccio at 888-584-9614. We can share options and explain possible options for getting out of student loan debt.