Student loans are a significant financial burden for many Americans. Unfortunately, they cannot be discharged in bankruptcy. However, there are still options available to those struggling with student loan debt. In this blog post, we’ll explore some tips for managing student loan debt.
Tips for Managing Student Loan Debt
While discharging student loans in bankruptcy may not be an option, there are still ways to manage the debt. Here are some tips:
1. Consider Income-Driven Repayment Plans
If you have federal student loans, you may be eligible for income-driven repayment plans. These plans adjust your monthly payment based on your income and family size, potentially lowering your payment and making it more manageable.
2. Explore Loan Forgiveness Programs
There are several loan forgiveness programs available for those in certain professions, such as public service or teaching. These programs forgive a portion or all of your student loans after a certain amount of time or service.
3. Refinance Your Loans
If you have private student loans, refinancing may be an option to lower your interest rate and monthly payment. However, be aware that refinancing may result in losing certain benefits, such as loan forgiveness or income-driven repayment plans.
If you're looking to file for bankruptcy, the experienced attorneys at Vanden Bos & Chapman, LLP understand the challenges you're facing. Our experienced attorneys can help you explore your options and find the best solution for your situation. Contact us today to schedule a consultation.