Student loan repayment can be a huge burden. The Obama Administration recently announced its plans for a Student Aid Bill of Rights, and now, it is also trying to rework and make the Pay as You Earn Program available to more students. The US Department of Education is also developing new procedures for how to respond to Borrowers’ claims in Bankruptcy Court to try to Discharge Student Loans Based on the “Undue Hardship” standards. The Education Department also cut ties with some collection agencies that it said were not giving accurate information to borrowers.
Here is a recent article from the Chronicle of Higher Education outlining some of these rather small changes. Is this a game changer? No, but it does show that Student Loans are on the Administration’s radar, and they want to help borrowers more. Hopefully, more changes are in store for the nation’s overburdened student loan borrowers. As I wrote before, all hope is not lost!
If you have questions about how to solve your student loan or other debt problems, call us, we are happy to help you. We can navigate the federal programs, without bankruptcy. We can help stop lawsuits and garnishments, and help you gain control of your life.
Daniel J Winter
Offices in Chicago, Gurnee, Oak Lawn, and Skokie, Illinois