Attending college in the United States is extremely expensive, and the cost only goes up if you decide to attend graduate school.  While there are thousands of reputable colleges and universities, the cost to attend school seems outlandish to most people.  There are scholarships available to qualifying individuals which can help immensely.  But for those students that do not qualify for any scholarship or grant, they must turn to student loans as a means of funding their education.  Unfortunately, many people have been paying off student loan debt for ten years or longer.  Payment plans do exist to help people pay off their student loan debt, but sometimes there isn’t a particular option that works for their unique financial situation.

Discuss Your Options with an Attorney

If you find yourself in a situation where student loan debt is preventing you from getting your head above water, you should consider what other options you have.  Oftentimes, graduates may receive a low monthly payment plan from the outset.  However, your financial situation is reassessed each year, and the amount you owe is likely to increase, and sometimes does so dramatically.  Many people try to negotiate with their student loan administrator to come up with a payment plan that works for them, but this is not always successful.  Many loan administrators state that you can either pay the required amount each month, or put your student loans in forbearance.  If in forbearance, your loans will continue to accrue hundreds of dollars of interest each month, and this only puts you further into debt.

By speaking with an attorney about how to manage your student loan debt, you may find that if you are able to eliminate other debt in your life, you will be more equipped to manage your student loan payments.  Keep in mind that student loans (with few exceptions) cannot be discharged through either Chapter 7 or Chapter 13 bankruptcy. 

However, there are other ways to manage your student loan debt that you can discuss with your attorney.  For example, there may be a way for you to consolidate your student loans (if not already done), and seek to have your monthly payment reduced.  There are some companies that will help you consolidate your student loan debt and negotiate a lower monthly payment that works for you.  Again, it is crucial to keep in mind that student loan repayment plans are evaluated each year as your income adjusts, so you will have to reassess your situation annually, and should do so alongside a skilled legal professional.

Contact Kansas City Bankruptcy Attorney Douglas Breyfogle Today to Schedule a Free Consultation

Student loans can be debilitating for graduates entering their careers, especially if these graduates have other existing debt, such as credit cards or loans.  If student loan debt is preventing you from becoming financially sound, you should consider what options you have for managing and/or eliminating your debt.  Even with repayment plans, many graduates have trouble keeping up with hefty monthly payments.  If you would like to explore your options, contact a Kansas City Bankruptcy and Debt-Relief Attorney right away.  With more than twenty years of experience, Douglas Breyfogle is a Kansas City Bankruptcy Attorney who provides an array of debt-related legal services.  Given that student debt can total well over $100,000, addressing it now will pave the way to financial health.  If you would like to discuss your student loan debt or any other debt-related matter with Douglas Breyfogle, contact our office today by calling (913) 742-8700 to schedule your free consultation.