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A New Hope for Relief From Student Loans?

In my bankruptcy practice, I frequently get asked if bankruptcy can help with student loans. Unfortunately, in Waco, Texas bankruptcy isn't really a viable option to help with student loans. However, there may be a new hope. Last week, President Obama proposed a new plan to help alleviate the burden of student loans.  This new proposal helps but it is a far cry from a plan that will fix the student loan industry.

The proposal has two components. First, it proposes a new consolidation program. This program will have a lower interest rate than traditional consolidation programs. It will be available to individuals to who have at least one Direct Loan or FFEL loan that is held by the Department of Education AND at least one private student loan. This program will only be available for the first half of 2012.

The second component is the Pay as You Earn program. The details of this program have not been worked out yet.

Individuals who are struggling with student loan debt should consider the income-based repayment plan which is currently in effect. While it is flawed, I have seen individuals who have been very pleased with the results. For more information about income-based repayment, see http://studentaid.ed.gov/students/attachments/siteresources/IBR_QA_2010-07-01_FINAL.pdf.

Unfortunately, even with these new proposals, student loans continue to be a problem without any real solutions. If you need help with overwhelming debt, please call today at 254-633-2876 or email me at [email protected] for a FREE, no-obligation consultation with an experienced Waco bankruptcy attorney.

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