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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 ...
More: You may not need that student loan after all.Here's the latest college tuition trend. Supreme Court reacts to Biden's debt forgiveness plan. In 2023, the U.S. Supreme Court shut down the ...
Did not file taxes: The borrower made less than the required income to file taxes in 2020 or 2021. Single: The borrower made under $125,000 in 2020 or 2021. Married, filed taxes separately: The ...
For borrowers worried about paying off existing student loans, President Joe Biden's debt forgiveness plan -- announced in August -- may have provided some relief. See: What Is the Highest Income ...
Regardless of whether or not the Supreme Court allows Biden’s student loan forgiveness plan to proceed, you could find yourself one step closer to being free of student debt. More From ...
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 ...