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Tag Archives: StudentLoans
What Are the Benefits of Federal Student Loans?
Whether you are approaching the end of your high school career or are seeking higher education later in life, you will have to answer the question: Where will I find the money to ensure a successful career? The vast majority of people seeking a college education will look to loans as their means of getting their degrees. There are a variety of institutions that are willing to fund an individual’s college aspirations, but what types of loans are best for you? What are the benefits of federal student loans? Here is a short list. You do not need a credit history to obtain federal student loans. Whereas most private loans require some sort of credit history, federal student loans are available to any enrolled undergraduate that can demonstrate financial need. Federal student loans do not require a co-signer. If you are young and do not have much credit history, you…
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Student Loans and the Economy
It’s a topic that has been showing up over the last couple of years and appears to be gaining steam. Student Loan debt loads may be hurting the economy. As a generation graduates with higher student loan debts than any before it, economic data is starting to show these young people are having increasingly difficult times paying back their student loans or contributing to the economy through car or home purchases. Forbes- February 2012: Student Debt the Next Financial Crisis? Washington Post February 2014: Student Debt May Hurt Housing Recovery New York Times – May 2014: How Student Debt May Be Stunting the Economy Just last week, President Obama issued an executive order designed to provide help to approximately 5 million student loan borrowers. We have been seeing it for a while. As bankruptcy attorneys in Kansas City, we get phone calls from potential clients seeking information about their bankruptcy…
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Posted in Consumer Credit, Student Loans
Tagged student loan, student loan discharge, StudentLoans
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Bankruptcy And Student Loan Discharge
A question that often comes up when we speak with clients is how to tackle student loans when it comes to bankruptcy. Oftentimes, a young family is swimming in debt, a significant amount of which is in the form of student loans. A recent article in on CNN Money brought to light just how dire the student loan situation has become. According to the article, the average student loan debt of a person who graduated in May 2013 was $35,200. For many, this debt is manageable until they get married and now have two combined student loan payments, plus a mortgage, plus medical bills, etc. Student loans have their own set of requirements when it comes to bankruptcy. Loan companies are not going to easily forgive the debt of student loans. Below, you will find a few things to consider when trying to recover from the mounting debt of college…
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