Is there a law that mandates a limit to how much of your monthly income a bank can charge on a loan payment?

Question

in the state of South Carolina

for example being able to qualify for something like a hardship deferment if the payment is more than like 20% of your net income; like a scenario involving student loans

Answer 1

There are laws to protect consumers. But your debt to income was considered by the bank when you obtained your loan. You must have met the criteria in order to get the loan. You could try to refinance the loan to obtain lower interest or a longer time span to pay the loan thus lowering your total monthly payments. Give it a whirl!

Answer 2

Payments on a "bank loan" are set by the term of the loan at the time the loan is initiated.

Th individual agrees or not. If not, no loan.

There's no "law" involved.