The National Association for Consumer Bankruptcy Attorneys (NACBA) is pushing to have the bankruptcy code revised to change the way student loans are being treated according to a recent report by Reuters. The bankruptcy group feels that college graduates should be allowed to get student loan debt discharged; an argument that is being presented to [...]
MSNBC recently did a report on the effects unpaid student loans are having on thousands of Americans, and from the looks of it the economy may suffer if those who owe on outstanding loans don't get the financial relief needed in order to stay afloat. More and more people owe thousands toward these loans and [...]
Student loan defaults increased from 7 percent to 8.8 percent in 2010 according to a report released by the U.S. Department of Education. And many of those student loan borrowers who have fallen into default are filing bankruptcy hoping to receive some type of student loan debt relief. In 2010 13.6 percent of debtors filing [...]
For-Profit Student Loans and Bankruptcy According to a report released by the U.S. Department of Education, nearly half of student loan defaults come from for-profit colleges. Many for-profit schools receive up to 80% of their revenue from student loans; but their dropout rates are so high that in some instances the vast majority of students [...]
The ironic thing about what's happening in our economy is that while ordinary Americans are losing jobs and experiencing salary cuts, the cost of living continues to rise. These rising costs include the cost of education. A matter of fact, the cost of education is rising so much that some proponents of a college education [...]
Some debtors exiting bankruptcy may decide to return to school and earn a degree. To finance that education, especially if they are a non-traditional student, or if they are trying to earn a post-graduate degree, student loans are usually a requirement. But what are some of the things post-bankruptcy debtors should consider before they take [...]
A recent study on the impact of the Credit Card Act on students conducted by Jim Hawkins at the University of Houston Law Center, surveyed over 300 undergraduates in November and found that a full 29% of students under 21 who obtained a credit card since starting school this academic year used student loan proceeds [...]
Can a Parent Plus Student Loan Be Discharged in Bankruptcy? Like most other student loans, a Parent Plus loan is very difficult to discharge in bankruptcy. However, below are a few other options for handling your Parent Plus student loan: If you decide to file bankruptcy, do a little planning beforehand. Will a discharge of [...]
Student Loans and Proving Hardship Proving that student loans have become an undue hardship is for most people very difficult in bankruptcy. Below are a few things that could get in your way when asking for an undue hardship student loan discharge in bankruptcy: Failing to get a job which pays a decent wage based [...]
The passing of the Credit Card Act made it difficult for credit card companies to target financially vulnerable college students; but are student loan debit cards a backdoor onto college campuses and into students' wallets? Millions of students are now using debit cards bearing the MasterCard logo and their college emblem to access their student [...]