Posts
If you have debt in the forms of credit card or student loan debt, it can be extremely difficult to deal with. It is almost impossible to discharge a student loan in bankruptcy under the current law unless you are able to prove that having to repay the loan will cause you untold amounts of hardship. This is why students who are having difficulty repaying their student loans will want to search for special debt relief options that may be available to them to help them with their unsecured debts. Failing to do so may cause them to meet all their financial obligations. It can even lead to problems with their work.
If you have a student loan and you are concerned about repaying it, you should look at alternative repayment programs. If you are able to arrange an extended repayment period, you will be able to decrease your monthly payments. This will give you more disposal income to live on and not all your incoming salary will need to go toward your loan repayment. In order to arrange this, you must speak with your lender to discuss whether or not such an arrangement would even be a possibility.
One can also apply for economic hardship deferment. You find that this will enable him or her minimize or even suspend the monthly payments until he or she can be able to make the full payments. You find that such deferments normally fall into various categories like in-school deferment, graduated fellowship, unemployment, economic hardship deferment or rehabilitation training. Depending on ones situation, he or she should be aware of the category to go for.
Also, some options are accessible for specific cases only. For example, for the federal loan, one may qualify for income based or income specific repayment plan. For those who have suffered disability of accident, they can ask for cancellation. They may also be eligible for bankruptcy.
We also have other options which include inquiring for minimal interest rate or simply seeking a consolidation loan. You find that consolidation loans can assist one deal with different kinds of unsecured debts and not just the student loans. Prior to taking this option, one should note that majority are given with very high interest rates.
Some people will opt to settle their debt which will eliminate part of the amount owed. This is one viable option to declaring bankruptcy. If you are able to pay a lump sum, the total amount owed can sometimes be reduced by as much as 50%.
Before proceeding with asking for a settlement, you need to know that it will have negative impact on your credit rating. Most people would not consider this to be a problem. They are much more concerned with paying the amount that they owe because they know that defaulting on their loan repayment will also have negative consequences for their credit rating. But any of these debt relief options are available to someone who is having difficulty repaying a loan.
If you have a student loan and you are concerned about repaying it, you should look at alternative repayment programs. If you are able to arrange an extended repayment period, you will be able to decrease your monthly payments. This will give you more disposal income to live on and not all your incoming salary will need to go toward your loan repayment. In order to arrange this, you must speak with your lender to discuss whether or not such an arrangement would even be a possibility.
One can also apply for economic hardship deferment. You find that this will enable him or her minimize or even suspend the monthly payments until he or she can be able to make the full payments. You find that such deferments normally fall into various categories like in-school deferment, graduated fellowship, unemployment, economic hardship deferment or rehabilitation training. Depending on ones situation, he or she should be aware of the category to go for.
Also, some options are accessible for specific cases only. For example, for the federal loan, one may qualify for income based or income specific repayment plan. For those who have suffered disability of accident, they can ask for cancellation. They may also be eligible for bankruptcy.
We also have other options which include inquiring for minimal interest rate or simply seeking a consolidation loan. You find that consolidation loans can assist one deal with different kinds of unsecured debts and not just the student loans. Prior to taking this option, one should note that majority are given with very high interest rates.
Some people will opt to settle their debt which will eliminate part of the amount owed. This is one viable option to declaring bankruptcy. If you are able to pay a lump sum, the total amount owed can sometimes be reduced by as much as 50%.
Before proceeding with asking for a settlement, you need to know that it will have negative impact on your credit rating. Most people would not consider this to be a problem. They are much more concerned with paying the amount that they owe because they know that defaulting on their loan repayment will also have negative consequences for their credit rating. But any of these debt relief options are available to someone who is having difficulty repaying a loan.
About the Author:
We have various debt relief options for unsecured debt that you want to know about. These debt relief programs are going to help you during that time of want.
No comments:
Post a Comment