It is not unusual for graduates to have trouble making their student loan payments. Some repayment terms have massive principles that often require up to 60% of a graduate’s income. When you factor in high interest rates, it’s no wonder that one out of every 10 Americans defaults on a student loan
Whether you’re deep in debt or struggling to stay up with bills, there’s a solution to your financial situation. The Cleveland Bankruptcy attorneys have the knowledge and experience to fight for your best interest. Contact a Cleveland Bankruptcy attorney today to discuss your options at (216) 586-6600.
Is Student Loan Discharge in Bankruptcy Possible?
You’ve probably resigned yourself to paying your student loans for decades. No matter how bad your financial situation, you know they aren’t going away. Bankruptcy can help with a credit card, medical, mortgage, and other debts, but not with student loans. Historically, private and federal student loans can’t be canceled by bankruptcy. That could all be changing, though. A few court decisions have recently made it clear that there are Read More
Common Student Loan Repayment Scams
It’s common for students to take out loans to pay for their education. These students may come into contact with companies that promise to lower their monthly student loan payments or help them find relief from their student debt. Unfortunately, some of these companies may scam those with student loans rather than help them. If you have student loans, it’s important to make yourself aware of the common student loan Read More
Refund Obtained after Student Loan Consolidation Company Fails to Reduce Balance
The attorneys at Cleveland Bankruptcy Attorneys have seen a growing trend of debt consolidation advertisements claiming to know about programs that forgive student loan debt for people having difficulty paying student loans. Not long ago, a client from Cuyahoga County reached out to our Cleveland student loan attorneys after nothing was done to lower their balance despite being paid for their services. We reviewed this private company’s actions and ultimately Read More
Profit Colleges and Student Loan Forgiveness
Several for-profit colleges have been making headlines lately for the worst reasons: they are being ordered to forgive student loan balances and to refrain from collecting any more federal aid. The for-profit institutions at Corinthian Colleges, which includes Everest, Heald, and WyoTech, along with ITT Technical Institute and some branches of Brown Mackie College have been sanctioned under the defense to repayment law and now owe the government millions of Read More
Donald Trump On Student Loan Debt
In May 2016, the U.S. Federal Reserve reported that student loan debt has climbed to $1.26 trillion. With college tuition increasing every year, it’s hard for students to imagine getting a four-year degree without help from student loans. When these students graduate, they are then saddled with having to pay back several thousand dollars in loans no matter what their job salaries are. Additionally, student loan debt is nearly impossible Read More
Ruling on Law School Grad’s Debt May Signal Shift in Loan Practices
A Brooklyn bankruptcy judge may have set a new precedent in her ruling of a recent case. Judge Carla E. Craig ruled that a law school graduate was allowed to discharge the unpaid portion of a loan she received from Citibank when she was studying for the bar exam. Lesley Campbell attended Pace University Law School in 2009 and, as preparation for her bar school exam, took out a “bar Read More
Good Debt vs. Bad Debt
Debt is becoming a bigger and bigger problem here in the U.S. More and more Americans struggle under the financial burdens of debt every year, making it a struggle to get by. Unfortunately, this has led to many misunderstandings about debt, demonizing any debts as a bad thing and making people forced to take on any debts feel guilty. In reality, there are good debts and bad debts, and it’s Read More
10 Tips to Pay Back Student Loans Smarter
Student loans are an investment in your future, but repaying them can feel overwhelming when you finally graduate. Too often, recent grads don’t really understand their loans or repayment obligations and fall behind. You can make sure this doesn’t happen to you by carefully researching loans before committing, and following these ten tips to pay back student loans smarter. Don’t ignore the debts. It may be tempting to bury your Read More
Man With $250,000 In Student Loan Debt Successfully Enters Payment Plan After Being Sued
Recently, bankruptcy attorney Cleveland Bankruptcy Attorneys represented a 32-year-old Cleveland man with $250,000 in student loan debt. The man was a surgical technician in the Cleveland area but was struggling to make ends meet with his significant student loan obligations. Both he and his mother had gotten sued over this unpaid debt, causing his elderly mother much distress. Cleveland Bankruptcy Attorneys was successful in setting up a payment plan of Read More