Tips for Making Your Student Loans More Manageable

: Chris Lee Law Firm

  Filed under: Student Loans

student loan, debt, bankruptcy, attorney, attorneys, lawyer, lawyers, dallas, texas, tx, fort worth, mckinney, hurst, law firm, tx, bankruptcy process, debt collector, chapter 13,The old saying that the only things in life that are guaranteed are death and taxes needs to be revised for the new reality many are facing in the U.S and that is student loans and the debt they entail. No matter what the circumstances, whether you cannot find a suitable position in the industry you studied for or you are facing bankruptcy due to other debts, student loan debt is not going away. There are however, some ways to make the debt more manageable and more likely to one day be paid off.

Firstly, you should seek out ways to have the loan or part of it forgiven if possible. There are certain areas such as education, public service or the military where if you commit to working in that industry for a period of time they will forgive a portion of your student loan debt. It may well be worth investigating, especially if you are having trouble finding employment in your chosen profession even if it is just for a short duration. To find out more about if your specific student loans can be forgiven, canceled or discharged you can go to the Federal Student Aid website, which if maintained by the office of the U.S. Department of Education.

Another way to dramatically reduce the burden is by paying bi-weekly if possible. Talk to your lender and see if they offer this option. If they do and you can manage the bi-weekly payments you will end up paying off the debt sooner and will have paid substantially less in interest payments over the long term of the debt. If you have found a good, well-paying job you may also seek to refinance the loan on better terms than originally offered. Talk to your lender and see what options you may have.

While student loans are not dis-chargeable in a Texas Bankruptcy, filing for bankruptcy protection, you may be able to discharge other types of debt from medical bills and credit cards so that you can arrange for manageable payments. As always, if you have questions regarding the possibility of going bankrupt talk to a qualified student loan debt relief attorney today and get the advice you require.


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