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                   Collections Guide to Defaulted Student Loans Recent Updates If your loan is in default                  Loan Cancellation & Discharge   All loans received under programs authorized by Title IV of the Higher Education Act can be canceled for several different circumstances including in the event of your ; or if you become after the loan is disbursed In addition some loan types may qualify for loan discharge under a variety of conditions   Some of the most common cancellation provisions are listed for you below the school you attended from the training given while you were in attendance or within days after you withdrew from the school A National Defense Student Loan can be canceled in additional circumstances and   Finally your obligation to repay your loan may be discharged in Also please visit our of our main FSA site for additional information on loan cancellation and discharges Death In the event of the borrower's death or on or after July the death of the student for whom a parent received a PLUS loan the obligation of the borrower and any endorser to make any further payments on the loan is discharged To verify a

This is an advertisement to sign up for our bankruptcy newsletter Your Student Loan Repayment Options A variety of student loan repayment plans are available to fit different needs and financial situations When it comes time to repay your student loans you'll be glad to know that many lenders offer a variety of repayment plans some of them quite flexible The plans available to you depend on the types of loans you have If you have bank or government issued federal student loans you can choose from several repayment plans designed to make your life less stressful If you have school issued federal student loans ask your school about its options for repayment Private loans made without federal funds come with fewer repayment options You may want to pick just one method or if you have several loans combine approaches to create the best repayment strategy To investigate your options call your lender loan holder or loan servicer But don't wait until you're seriously behind in your payments if you're in default on your loans many of these options won't be available to you If you have federal loans you're likely eligible for more than one repayment plan Keep in

    Bankruptcy and Financial Aid This page answers common questions about the relationship between bankruptcy and financial aid such as student loans The first answer concerns the impact of bankruptcy on The second answer discusses whether student loans can be Thanks to Pat Somers of the Univ of Arkansas at Little Rock and Art Bilski of the Illinois Student Assistance Commission for their assistance with this section Will a bankruptcy affect a student's future eligibility for student loans and other financial aid? The answer to this question is a complex one because several issues are involved It depends on the nature of the student loan programs and the type of bankruptcy Whatever the circumstances behind the bankruptcy the student should talk with the financial aid administrator at the school he plans to attend and explain the situation The financial aid administrator may be able to guide the student to certain loan programs or lenders that may fit his needs Federal Loans Generally speaking a bankruptcy should have no impact on eligibility for federal student aid A few years ago students who had their federal student loans discharged through bankruptcy were required to reaffirm the debt in order to be

  Facts for Consumers Knee Deep in Debt Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car? You’re not alone Many people face a financial crisis some time in their lives Whether the crisis is caused by personal or family illness the loss of a job or overspending it can seem overwhelming But often it can be overcome Your financial situation doesn’t have to go from bad to worse If you or someone you know is in financial hot water consider these options realistic budgeting credit counseling from a reputable organization debt consolidation or bankruptcy Debt negotiation is yet another option How do you know which will work best for you? It depends on your level of debt your level of discipline and your prospects for the future Self Help Developing a Budget The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend Start by listing your income from all sources Then list your “fixed” expenses — those that are the

New Client Downloads Practice Areas Bankruptcy Information Consumer Bankruptcy Lawyers in Grand Rapids Michigan Bankruptcy is a legal procedure allowed under federal law designed both to protect an individual or business that can't meet its financial obligations and to protect the creditors involved The law is found in Title of the United States Code Bankruptcy law supersedes state laws so the act of filing bankruptcy can stop state court lawsuits garnishments foreclosures and seizures of assets To begin the process proper papers must be filed A petition is signed by an individual debtor or by a married couple There are specific chapters of the federal bankruptcy law Proceedings under Chapter involve taking non exempt property Non exempt property is property that falls outside the exemptions which debtors are allowed to keep A qualified bankruptcy attorney will be able to advise you what exemptions are available The court appoints a trustee to sell off the non exempt assets and distribute the cash among the creditors In most chapter cases however the debtor does not have assets that exceed exemptions Exemptions may vary from state to state Proceedings under Chapter involve proposing a plan for repaying all or a portion of the



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