National Student Loan and Credit Report Debt Attorney

Will Congress Allow Student Loan Debtors to Discharge Student Loans in Bankruptcy?

Rate this post

Last month, a bill was introduced to the U.S. House of Representatives that would allow student loans to be discharged in bankruptcy and also trim the statute of limitations for such loans.  Currently, student loans are NOT dischargeable in bankruptcy absent exigent circumstances.  The Student Loan Borrowers Bill of Rights was introduced by Rep. Frederica Wilson of Florida.  The bill would limit collection time across the country to six years for student loans. After that, the statute of limitations will have passed.

In 2013, the federal government made $41.3 billion from student loan interest rates. While this is good for the federal government, it is crippling too many young Americans – the average of which is carrying nearly $29,000 in student loan debt.  The prospects for the bill seem, unfortunately, grim.  Congress is not yet ready to afford students escape from the wall-less debtors’ prison that is student loan debt.

Read more here: http://inthecapital.streetwise.co/all-series/bullet-points-inside-the-2014-student-loan-borrowers-bill-of-rights-act/

Until the federal government takes action, debt settlement is one of the few options available for reducing private student loan debt. Consult with an attorney to see if it’s the right option for you.

 

Will Congress Allow Student Loan Debtors to Discharge Student Loans in Bankruptcy? was last modified: September 11th, 2015 by Kevin Fallon McCarthy
START NOW
Call 855-976-5777 or Chat Now
  • How much do you owe?
    Select your approximate debt.
    Less debt
    More debt
  • The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.