How to Get Student Loan Help
Do you need student loan help? If so you are not alone. More and more college graduates are finding that they aren’t able to make their monthly payments on their student loan debt. Companies aren’t hiring as much, and are focusing on applicants with higher level degrees. If you are stuck working a part time job but still need to pay the loan on your full time education, there are things you can do!
First off a word of warning: if you are considering declaring bankruptcy for your debt, this may not help you! For some reason, the US government does not view student loan debt the way it views all other forms of debt. When you go through the process of declaring bankruptcy you can be excused partly or completely from home loans, business loans, credit cards – even keep your house! But not student loan debt. That will stay with you unless you can prove “undue hardship,” which is hard to do unless you have an expert helping you.
However that doesn’t mean you don’t have options. The federal government has announced a “Pay As You Earn” program. if you apply for this program you could have your monthly payments adjusted down significantly. The government looks at your total monthly income, and estimates how much you have about the poverty line. The difference is your “discretionary income” and they will cap your student loan payments at 10% of this!
This program can be a wonderful way to get back on your feet and slow down the payments you have to make instead of defaulting.