Student Loan Debt: Solutions
As the burdens of increased student loan debt reach historic levels, many graduates are searching for answers that will allow them to stay current each month and preserve their hopes for a solid financial future. While the banks that issue overwhelmingly high interest student loans have enjoyed unreasonable Congressional protection, various options exist for relief from excessive student loan burdens from:
- Government Student Loan Debt - These are direct loans from the U. S. Department of Education.
- Private Student Loan Debt - These loans are issued by banks based on credit and loan applications.
While both private and government student loans are protected from elimination in Chapter 7 bankruptcy proceedings, Chapter 11 and Chapter 13 bankruptcy allows for the restructuring and consolidation of student loan debt into affordable monthly arrangements.
To learn more about your options for relief from student loan debt, call the experienced and knowledgeable attorneys at the Law Offices of Neil Crane for your free consultation today. We can be reached at 203-230-2233 or toll free at 1-888-249-3027.
Solving Student Loan Debt Through Other Debt Relief
The first step to resolving student loan debt is the prioritization or elimination of all other forms of debt. Relief from other forms of less important debt allows limited financial resources to be preserved for student loan servicing and the reduction of principal balances.
Continual deferments on student loan obligations is a costly and temporary mistake made by thousands of Connecticut graduates. It merely avoids true student loan debt solutions.
Many people feel that their student loans are too overwhelming to approach or impossible to resolve, placing themselves in a type of student loan debt paralysis that requires the assistance of financial and legal professionals.
Consolidation Of Student Loans And Prioritization
Establishing a full spread sheet with the amounts and payment terms of your student loans is the initial step to evaluating an appropriate plan of attack. This allows graduates to choose from a variety of solutions; including:
- Chapter 7 Bankruptcy Relief
- Chapter 13 Bankruptcy Relief
- Income Based Repayment Plans
At the Law Offices of Neil Crane, we’ve solved financial problems for thousands of Connecticut residents since 1983. To learn more about approaching and resolving your student loan debt problems, call us at 203-230-2233 or toll free at 1-888-249-3027 for a free consultation with one of our knowledgeable attorneys.