is there anyway to eliminate student loan, as we could eliminate credit card debt through filing bankruptcy, what about student loan, do we have to pay it, even though we were extremely poor?, what's the solution?
2007-11-08 21:30:29 · 7 answers · asked by Thomas Jefferson 1 in Business & Finance ➔ Credit
There is absolutely no way to eliminate it...but, if you have good communication with these folks...they are very good at accepting a fee that you most certainly can afford. Even though, you agreed to accept the loan...I understand certain circumstances make it it sometimes impossible to bare the financial responsibility. Our first reaction is often to hide-out...don't do this! Contact the lender and make smal, but steady payments. $25 a mo will sometimes suffice. If you are showing good faith the lender will refrain from snatching what you owe them from your other money source/s. -This DID happen to me..and I was devistated! Good luck to you.
2007-11-09 00:50:08 · answer #1 · answered by TAMAR B 1 · 0⤊ 0⤋
There is the ability to defer payment for a period of time. But in 2005 the new bankruptcy laws made it next to impossible to eliminate student loans. However, in cases of extreme hardship the student loan could still be adjusted.
Extreme hardship would be things such as, even after your other debts are discharged you do not have enough to pay for the current loan and your basic needs. The other condition is that in the foreseeable future this situation does not appear as if it will change. In this case the judge may dismiss part or all of your loan.
2007-11-09 02:29:02 · answer #2 · answered by OC1999 7 · 1⤊ 0⤋
When the student loan was originated 1 person or persons signed a financial instrument called a Promissory Note which is a legally binding contract between lender and the borrower.
A Promissory Note has no expiration date on it. Filing bankruptcy will not eliminate the student loan.
Only by paying off the loan will the contract be discharged.
2007-11-08 23:14:53 · answer #3 · answered by !!! 7 · 0⤊ 1⤋
By the way new law, even when you claim bankruptcy you still gotta pay it. LAWL kinda defeats the purpose eh? oh well good luck goin to school for free wooo
2007-11-08 21:37:56 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Don't go for Bankruptcy, rather go for debt consolidation.
2007-11-08 21:43:44 · answer #5 · answered by Sonam G 1 · 1⤊ 0⤋
You accepted the loan, now pay it back..
2007-11-08 21:38:58 · answer #6 · answered by Jan Luv 7 · 0⤊ 1⤋
You owe it; pay it. Its called responsibility. I'm so sick and tired of people who want something for nothing.
2007-11-08 21:36:51 · answer #7 · answered by Judith 6 · 1⤊ 2⤋