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Student loan study shows Millennials struggling

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Student loans are a growing plague on our economy and affect consumers of all ages. However, not all are affected equally. A recent study by AARP and Association of Young Americans found that Millennials (individuals ages 21 - 36) are the hardest hit by this debt, among all the generations in the US.

Student loan problems?

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As student loan debt consumes more Americans, the search for solutions intensifies. One option to consider is bankruptcy. At one time, student loans were much easier to discharge in bankruptcy, then it got much harder, and now the pendulum may be swinging the other way finally.

Stressed about student loans

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Very few debts are ineligible for bankruptcy discharge. Among them are recent income taxes, alimony, child support, and student loans. Also, ineligible are debts taken fraudulently or via theft or other similar shady means. However, student loans weren’t always nondischargeable – so how and why did they get carved out of the federal debt relief mechanism?

Student loan servicer Navient facing another lawsuit

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Student loans can be burdensome, but Public Service Loan Forgiveness (PSLF) offers hope to millions of borrowers. This program offers debt relief through service to police, firefighters, teachers, nurses, social workers, and other public servants. But now, a new class-action lawsuit accuses federal loan servicing company Navient of shortchanging student loan borrowers and making their road to debt discharge needlessly difficult and, in some cases, impossible.

Is refinancing or consolidating your student loans the right move?

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When you graduate college with student loans, it’s not just one big loan. It can be lots of smaller ones. To make things worse, they won’t all automatically fall under the same student loan servicer. It can leave you with a frustrating task when you want to request a change to an income-driven repayment plan or need a deferment, forbearance, or even answers to a question. Two ways to make your loans easier to manage are consolidation and refinancing. But what’s the difference and is either a good option for you?

Don't play dangerous games with student loans

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This week, Forbes reported a disturbing trend among some student loan borrowers engaging in what’s called strategic default. The site reports that there are “intentional” defaulters fighting back at what they call student loan slavery, servitude, and “economic terrorism.” While social protest can help change the world, it can also wreck your financial future if you’re not careful. For those considering taking a stand by not paying their student loans, here’s what you need to know.

Adversary proceedings are the tool to fight student loans in bankruptcy

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If you’ve got student loans you can’t afford, one of the possible routes to relief is bankruptcy discharge. Before the 2005 bankruptcy reform act, it was much easier to unload student loans in bankruptcy if your financial situation was rocky. Post-2005, it became much harder - almost impossible in fact. But now the tides are turning again and it’s increasingly possible to diminish or eliminate your student loans in bankruptcy, but step one is an Adversary Proceeding. Let’s look at what it is and why it’s necessary.

Student loans out of control?

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Roughly 25% of all adults now carry student loans as one of the 44 million Americans with college debt. With a total price tag of $1.5 million and rising by the day, it’s a looming debt disaster on a personal and national level. For those who can afford the debt, that’s a good thing, but even so, it might come at a great sacrifice of other life goals. For those who can’t pay their college loans, the consequences can be dire. Here’s why student loans are so dangerous and how you can get help.

What are your options for student loan repayment?

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It’s far too easy to take on student loans. Federal loans to students don’t require a credit check, and they don’t cap the amount you borrow based on your ability to repay. When it comes time to pay back Uncle Sam, there are different repayment options. Today we’ll dig into those and also consider what happens if you can’t afford to pay at all.