Category Archives: Student Loans

Student loan debt is a common source of financial strain for Americans. Our Kansas City bankruptcy attorney helps those struggling with student loan debt.

How Can I Resolve Student Loan Collection Problems?

The Brookings Institute estimates that 40 percent of student loan borrowers will be in default for 2023. If you are among the percentage of borrowers in default, then you will need information that can help you deal with the collections process. Student loan collectors are every bit as relentless as collectors for other types of debt.  How to Get Out of Student Loan Default Collection agencies may call you several times a week in an attempt to get you to pay. While you don’t have to pick up the phone, a good rule of thumb for becoming financially stable is to never run away from your debts. The longer you wait to resolve a serious debt problem, the worse your situation will become.  There are always solutions if you have the right kind of help and information. You may have solutions for getting out of student loan default, which is…
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Choosing the Right IDR Plan for Student Loans

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 Discusses Why Student Loans are an Employer Issue

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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