| |
Understanding
sallie mae 2b student loans
If I file for Bankruptcy will my student loans get discharged?
So are student loans able to be discharged? In short, probably not. Student loan debts are nondischargeable in Chapter 7 Bankruptcy cases unless paying the debt would cause the debtor "undue hardship." This basic rule also applies to Chapter 13 Bankruptcy cases.
Discharge of student loans received popularity in the 1970's. Many individuals would file for bankruptcy shortly after completing their expensive education. The goal was to discharge these student loans before they began earning money.
The wording of the exception of a hardship discharge and what is considered a student loan has recently been broadened so that most student loans made by nonprofit groups or the government are now considered student loans. This only applies to the actual student and not a co-signor. So a parent signing for one of their children could not have this debt discharged. In addition, this exception does not include debts to an educational institution for tuition. If the loan is nondischargeable then the petition on the loan is also not going to be discharged.
So we turn to "undue hardship." Most published court opinions agree that "undue hardship" means more than garden variety hardships that come with the costs of future payments. Several circuit courts of appeals have developed a three-prong test.
In summation, the debtor cannot maintain a minimal standard of living and his dependents are left with the debt, some additional circumstances in regard to the standard of living would extend over the life of the repayment of the loan, and the debtor has tried to the best of their ability to pay off the loan according to the plan.
The ideal debtor who will successfully discharge student loans are the low-income debtors. The debtor has the burden of proving their hardships. Any reason that makes this loan impossible for the debtor should be made known to your attorney. For example, unemployable debtors, underprivileged debtors, a total lack of available jobs suited for the debtor's skills, certain disabilities, etc. If any of these situations exist, your attorney will strive to prove any extenuating circumstances to the court to get these student loans discharged.
Read more about bankruptcy at www.bankruptcyhome.com
About the Author
Original content from bankruptcyhome.com
can contact at info@bankruptcyhome.com
More Useful Resource and Updates on sallie mae 2b student loans
- Political Blog (Arkansas News Bureau)
From the Stephens Media team in Arkansas and Washington D.C.
- How to Pay for an MBA (BusinessWeek Online via Yahoo! News)
Lindsey Aponte, a first-year student at the University of North Carolina at Chapel Hill's Kenan-Flagler Business School, made all the right moves when it came to preparing her finances before entering the MBA program.
- Political Blog (Arkansas News Bureau)
From the Stephens Media team in Arkansas and Washington D.C. Payday lending law unconstitutional, court says By Rob Moritz LITTLE ROCK - The state Supreme Court declared the Arkansas Check Cashers Act unconstitutional Thursday, saying the 1999 law allows companies to make consumer loans at interest rates that exceed the state's 17 percent usury limit.
- Color of Money Live (Washington Post)
Need advice about how to handle your personal finances? Whether the struggle is saving for retirement, organizing your bank files, or talking about money responsibility with your spouse or loved one, Post personal finance columnist Michelle Singletary offers her advice and answers your tough questions.
- When The Economy Cools Off, Seats In Private Colleges Fill Up (Investor's Business Daily via Yahoo! News)
As the subprime mortgage crisis began claiming victims late last year, Corinthian Colleges noticed a surge in new-student enrollments.
- A Change is Needed (Washington Post)
The word for this season is change. We have elected a new president and once the jubilation is over, President-elect Barack Obama will have an incredible challenge. He's tasked with leading us out of an economic downturn the likes of which many of us have never seen before.
- Political Blog (Arkansas News Bureau)
From the Stephens Media team in Arkansas and Washington D.C. House members prepare for busy session By John Lyon LITTLE ROCK - Arkansas' newly elected state representatives reported to the state Capitol Friday eager to start preparing for what incoming House Speaker Robbie Wills said will be a work-filled session.
- Honda-Tech.com: General Discussion and Debate: student loans -private ...
Honda-Tech.com " General Discussion and Debate " student loans -private? Sallie Mae? ... or you might have AES, or a number of other student loan companies. ...
- bizjournals.com Business News: BofA to invest $2.2B in Sallie Mae stake ...
... York that has agreed to pay $25 billion, or $60 per share, for the loan company. ... Sallie Mae (NYSE: SLM) will continue to originate student loans under its ...
- SLM Student Loan Trust 2007-4
Careers at Sallie Mae. News and information. Investors. Shareholder information ... Philanthropy at Sallie Mae. The Sallie Mae Fund. SLM Student Loan Trust 2007-4 ...
- SLM Student Loan Trust 2007-4
Sallie Mae, Inc. Sponsor, Servicer and Administrator. Student Loan-Backed Notes ... interest on the trust student loans, subordination of the class B ...
- Sallie Mae in talks for a $20 billion buyout - Apr. 13, 2007
Sallie Mae, the largest U.S. student loan company, is in talks for a private equity buyout ... of America to invest $2B in Countrywide. Lehman to shutter ...
- BofA to invest $2.2B in Sallie Mae stake - Sacramento Business Journal:
... York that has agreed to pay $25 billion, or $60 per share, for the loan company. ... Sallie Mae (NYSE: SLM) will continue to originate student loans under its ...
- BofA to invest $2.2B in Sallie Mae stake - East Bay Business Times:
... York that has agreed to pay $25 billion, or $60 per share, for the loan company. ... Sallie Mae (NYSE: SLM) will continue to originate student loans under its ...
|
|
|
