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A private student loan is a financing option for higher education in the United States that can supplement, but should not replace, federal loans, such as Stafford loans, Perkins loans and PLUS loans. Private loans, which are heavily advertised, do not have the forbearance and deferral options available with federal loans (which are never ...
To get student loans discharged, you'll need to prove that they cause you "undue hardship." Borrowers can choose between Chapter 7 and Chapter 13 bankruptcy, but they must file a separate ...
According to Sallie Mae, as of 2021, 1 in 8 families are using private student loans when federal financing does not cover all college costs. [41] In July 2021, the U.S. Second Circuit Court of Appeals ruled that private student loans are dischargeable in bankruptcy, [42] following two other cases. [43]
Discharging your private student loans is a complex process.
Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
Student loans cannot be discharged in a bankruptcy proceeding unless the debtor can demonstrate "undue hardship." [45] After the passage of the bankruptcy reform bill of 2005, even private student loans are not discharged during bankruptcy. This provided a credit risk free loan for the lender, averaging 7 percent a year.
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