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Options for managing student loan debts

It's no secret that student loans in America are continuing to climb out of control. With over $1 trillion in collective student loan debts, there are thousands of Americans who are desperately searching for ways to manage their debts. This article lists many of the most common repayment options, but it may not tell indebted individuals what they want to hear. Unfortunately, when it comes to student loans, your only real option is to pay them.

Whether you choose to pay your loans off with a standard, graduated, or income-based repayment plan, you're going to have to pay back the debts somehow. The simple fact is that there aren't many good debt relief options when it comes to student loans. It's up to the individual to choose the best repayment option for their circumstances, but the sooner you start, the sooner you will be able to finish. Some people turn to bankruptcy for help, but bankruptcy cannot discharge student loan debts.

However, that doesn't mean that bankruptcy absolutely cannot help you. If you are struggling to pay your student loan debts because of all the other financial obligations in your life, then bankruptcy may still be a viable debt relief option for you. A bankruptcy filing may not be able to discharge your student loans, but it can discharge the things standing in the way of your loans. Texas residents in particular may want to take advantage of a Chapter 7 filing, since Texas courts exempt many assets.

For example, if you're paying monthly rent and car payments, you're likely unable to cover more than the minimum payments on your credit card and student loan debts. A bankruptcy filing can discharge your credit card debts, allowing you to devote more of your paycheck to paying off student loans. Consider meeting with a bankruptcy attorney to see if a bankruptcy filing would be right for you.

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