Can student loans be written off in a bankruptcy?
Mathew S asks: I am filing for bankruptcy and have several student loans. Can student loans be written off in a bankruptcy? Or do I still have to repay my student loans? Help! I need some student loan advice quickly!
Student Loan Guru: Under most circumstances Federal student loans cannot be discharged in bankruptcy. Isn’t it convienent the way the U.S. Government set this up? Many times, student loans are the reason many young people get into financial trouble.
Student Loan Options For Graduate Students
With the job market tightening, more and more people are choosing to extend their studies and gain more qualifications by enrolling in Graduate School. Competition for available jobs is fierce but you can give yourself an edge over many applicants holding a Bachelor’s degree by studying for an MBA.
Is it better to pay off student loans quickly?
Stefani from Philly asks: I’m graduating this June and I’m going to have about $40,000 in student loan debt. I want to pay off my student loans as quickly as I can even if it means sharing a room with someone else. I’m planning to take at least 50% of my pay check to go into repaying the student loans. This will come out to about $1000 per month, which allows me to pay off my loans in about 3 years. I’m normally a saver anyway and I can live cheaply if I have to. I would have just enough money left over for rent and living expenses. My rent would only be about $500 dollars per month. Plus, I have savings right now that would work as my emergency fund just like Dave Ramsey suggest. Is it better to pay off my student loans quickly? My thought is that it would save me on interest even though it would be hard for a few years, but I will be much better off in the long run. Any suggestions?
Will a Loan company take over my federal student loans if the loans are in forbearance?
Bob asked: Will a Loan company take over my federal student loans when the loans are in student loan forbearance? I need to go back to school. My loans are government loans from Saillie Mae. I owe them under $5000.I heard about this company that will take over your school loans from them but I don’t know the name of the company.
Answer: You might be eligible to get all or part of the interest paid while you go to college. No one will “take over” your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments. Student loan forbearance does not lock the interest rates on your student loan.
How do student loans for college work?
Question: How do student loans for college work? Are they different from traditional loans? Are they harder to get than traditional loans? Is there such a thing as a student loan that you wont have to pay until your job starts? Are there better options to student loans?
Answer: Most student loans work like traditional loans. There are a few exceptions, but all in all, student loans have to be paid back, interest and all.
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