Can I discharge My student Loans in Bankruptcy?

Student Loans And Bankruptcy New Law - Can I discharge My student Loans in Bankruptcy?

Two-thirds (65.6%) of 4-year undergraduate students graduated with a Bachelor's degree and some debt in 2007-08, and the average study loan debt among graduating seniors was ,186 (excluding Plus Loans but together with Stafford, Perkins, state, college and hidden loans). Among graduating 4-year undergraduate students who applied for federal student aid, 86.3% borrowed to pay for their study and the average cumulative debt was ,651.

Student Loans And Bankruptcy New Law

For those who have to repay a loan and are considering filing for bankruptcy, the examine on their mind would be: does filing for bankruptcy dismissal my student load? Unfortunately, student loans are normally not discharged in the case of bankruptcy. According to lesson 7 Bankruptcy law the only time a loan might be discharged is if it would cause the debtor "undue hardships". The same basic rule also applies to lesson 13 Bankruptcy cases.

At one time, student loans were dischargeable in bankruptcy just as any other unsecured debt. Discharging student loans became beloved while the 1970s, when students would file for bankruptcy soon after they fulfilled, their pricey education. However, the requirements for discharging student loans were changed in 1998.

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