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File for bankruptcy: In extreme cases where debt is insurmountable, filing for bankruptcy may offer a fresh start by liquidating assets or establishing a repayment plan. The bottom line
The bottom line is it's probably not a good idea to let your credit and financial flexibility be damaged in hopes of student debt forgiveness that may never come.
Debt forgiveness can help you avoid drastic measures like bankruptcy. Depending on the plan, you can pay down debt more quickly. Cons of debt forgiveness programs. Participation could hurt your ...
In August 2022, the administration used the Act again to announce student debt cancellation of up to $20,000 and several other reforms. [7] [16] Following litigation brought by several Republican-led state governments, the Supreme Court ruled in Biden v. Nebraska (2023) that the statute did not permit the administration's debt forgiveness ...
Still, the Biden campaign sees student debt forgiveness as a winning issue. “My MAGA Republican friends in the Congress, elected officials and special interests stepped in and sued us and the ...
Debt settlement is a process that lets you settle large amounts of debt for less than you owe, and it is offered through for-profit debt settlement companies. Typically, these programs ask you to ...
Typically, federal student loan debt forgiven under certain programs—like income-driven repayment (IDR) plans—counts as taxable income, meaning borrowers who get relief will likely have a ...
The determinations do not impact the roughly 400,000 borrowers who have seen over $5.5 billion in debt forgiveness under the plan already. But, for now, ...