Sader Law Firm Blog - Kansas City Bankruptcy Attorney Blog

Did you know that student loan debt is currently at $1.5 trillion nationwide? Not only are student loans at an all-time high, more than 5 million borrowers are in default. A Brookings Institution study expects the number of defaults to continue increasing. However, many federal student loan borrowers may not realize that they could be eligible to enroll in an income-driven repayment plan (IDR plan). IDR programs allow you to cap your monthly payments to a percentage of your discretionary income. Depending on the types of federal loans you carry, you could have several options for reducing your payments by utilizing an IDR repayment plan. The Income-Based Repayment Program (IBR) The IBR program was one of the first income-driven plans offered by the Department of Education. With the IBR program, your monthly payments could be set at 10 to 15 percent of your discretionary income. However, you must have certain…
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Attorney Brad McCormack, of The Sader Law Firm, has dedicated his career to helping other people. As a student loan and bankruptcy attorney, he helps borrowers who are struggling with higher education debt. His skill and experience as an attorney was recently highlighted in an article published on Ingrams.com. In the article, Brad discusses why student loan borrowers are more likely to job hop than people without student loans. This is especially problematic for companies with a Millennial workforce. Due to this issue, employers may face high turnover and constant instability. Brad notes that employers are trying to develop policies for retaining student loan borrowers as employees. There are a couple of solutions discussed in the article. Possible solutions include: Defined Contribution Plans for Student Loans Defined contribution plans have advantages and disadvantages. With a defined contribution plan, an employer matches student loan payments with an employee in a designated…
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