Consolidating private loans into direct loans
Once scholarships and grants have been explored, many people turn to student loans.Student loans can help provide the funding that you need to get to college and obtain the education that you require.For instance, if you have a 30 year repayment period on your loans, you’ll need to show that your financial situation could not improve over the next 15 years.So what exactly constitutes an undue hardship when it comes to getting your student loans discharged?It is theoretically possible to have all of your debts wiped out except for your student loans when you file for bankruptcy.Although it is difficult to get your student loans discharged through a Chapter 7 bankruptcy, it is not impossible.You must show that the student loans put an undue hardship on your life financially.You also have to show that you tried to repay the loans in good faith when you initially got them.
The main purpose of getting involved with this bankruptcy option is so that you can get the protection of the court and avoid being sued by your creditors.
However, this market is so big and backed by the government that it may be too big to fail.
When you file for bankruptcy, you can sometimes get rid of the majority of your outstanding debt.
The student loan market is massive and keeps on getting bigger every year.
Part of this is due to the rising costs of college tuition and part is due to the number of people attending college.