Bankruptcy and Student Loans: What’s the Law?

Bankruptcy and Student Loans: What’s the Law?

For college graduates, student loan debt can be one of their largest monthly expenses, behind only their mortgage and car. Eliminating that payment would help those struggling under the weight of their bills eliminate hundreds or even thousands of dollars of debt each month. But when declaring bankruptcy, only .1% of bankruptcy filers attempt to have their student loans discharged, according to a study published in American Bankruptcy Law Journal. Many people considering the issue of bankruptcy and student loans assume–wrongly–that their debt is permanent, and cannot be forgiven under any circumstances. But a recent memo issued by the Department of Education indicate that isn’t necessarily the case.         Continue Reading

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