Do You Need Help With Student Loans? Help is Available

by | Mar 11, 2015 | Law

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Do you need help with student loans? If so, there is a pretty good chance that you could use some help repaying them. Between the rising cost of tuition and a job market that is challenging to break into, many people are finding themselves with a diploma in hand and little in their pockets.

Even though you may feel that this debt is hopeless and will be a roadblock to your success, there are options for anyone who is financially strapped and struggling. The first step is to really be aware of the amount of debt you have. This means gathering all of your bills, including credit card statements, car payments, and any medical bills you may have. Also, list all of your monthly responsibilities like rent, utilities, and food. However, once you can seek help, you will have a clear understanding of your financial situation.

In some cases, a financial advisor can steer people in the right direction. They can help those in debt to work with their creditors and create a repayment plan that will be feasible for the person in debt and acceptable to all parties involved. In other cases, the debt load has become so high that there is no possibility of being able to repay anything, at least on a schedule that would be accepted by a debtor. In these instances, the answer is often bankruptcy, but that has been a problem for those with overwhelming student loan debt. Because these loans are not able to be discharged, people were left with the loans no matter what they tried.

It is true that student loans cannot be eliminated, but it is possible to get help. If you are filing bankruptcy, you may be able to defer your payments. In many cases, this deferment can be as long as five years. Plus, if you are suffering an extreme hardship, it is possible to eliminate student loans along with your other debts during a bankruptcy.

So, if you need help with student loans, talk to a bankruptcy attorney today. You may discover that there are a lot more options than you had imagined possible.

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