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The problem of addressing student loan debt

On Behalf of | Jul 29, 2021 | Debt |

Higher education is an excellent path for some Michigan students to pursue when they wish to advance their education beyond their high school years. Though some students receive scholarships or can fund their college and university courses privately, others seek student loans from the government and other sources to pay for their credits. Unfortunately, not all college graduates are able to secure sufficient employment to pay back their loans and get out from under their student loan debts.

Dealing with student loan debt can be oppressive for new graduates and debt can stay with them for decades following their graduations. This post will address some ways that individuals may deal with their student loan debts, but readers are reminded that the best advice on individual debt problems may be sought from bankruptcy and debt relief attorneys in their communities.

Student loans and bankruptcy

For most individuals who have student loan debts, bankruptcy will not be an option for reducing or eliminating their financial burdens. That is because student loans secured by the federal government are often excluded from bankruptcy discharges. However, if an individual is able to meet certain restrictive conditions, they may be able to include their student loan debts in their bankruptcy proceedings.

Dealing with lenders

Another option for student loan debt holders is negotiating with lenders. Just as individuals may work with their credit card companies to reduce their interest rates or extend the terms of their credit card balances, student loan debt holders can do the same with their student loan debts. Often, individuals can seek legal support with these negotiations so that they are treated fairly and receive just options for addressing their student loan balances.

Student loans enable scholars to advance their education but often burden them with lifelong financial hardships. There are ways to get out from under burdensome student loans. Legal help is available for those to wish to understand their options.