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New program could mean debt relief for students

Student loan debt is quite possibly the biggest financial crisis currently facing this country. As the nationwide student loan debt crests the $1 trillion mark, many Americans find themselves seeking debt relief in order to lead the lives they want. Debt does not discriminate based on geography, so even Texas residents may find themselves struggling to afford the lifestyle they want with hundreds of dollars a month going toward paying off student loans. And while a new government program may bring hope to some, it is only a small step in the right direction.

A Florida woman recently enrolled in a program offered by the Department of Education, which combines student loan debt, meaning individuals are only required to pay one lower monthly payment. The monthly payment is determined based on income. Thanks to this program, the woman currently pays nothing, and will only begin paying more once her income increases, and after 20 years, the remaining debt will be forgiven.

This sounds like a wonderful option for those facing massive student loan debts, but there is a catch: only those with federal student loan debt are eligible. This means that many individuals who are being crippled by student loan debt won?t be able to take advantage of the program, and even those who can take advantage may still have other debts to worry about. But there is a form of debt relief that nearly everyone is eligible for, and which applies to nearly all types of debt: bankruptcy.

While bankruptcy may not be able to help you with your student loan debts, it may provide you debt relief from other outstanding debt. This often ends up providing relief from student loan debts, since you will be able to focus more of your money into paying off student loans. An attorney familiar with the bankruptcy laws of your state can help you decide if bankruptcy is right for you, and which bankruptcy filing will help you achieve the financial goals you seek.

Source: WPTV, "New program offers relief for student loan debt," Michael Williams, Sept. 5, 2014

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