Posted on
January 13, 2010
at
4:30 am
Hi have you heard of that student debt relief from President Obama? How do I qualify for that?
Posted on
January 13, 2010
at
4:35 am
I think it is only for Federal student loans and not for private loans. I heard though that you can do debt settlement with your private lenders ... can somebody verify that?
Posted on
January 13, 2010
at
4:38 am
That program is indeed for Federal Student Loans only and it comes in two forms: student loan forgiveness and income based repayment negotiations.I don't know about debt settlement, I did read somewhere that some private lenders work as collection agencies, that they'd MAYBE settle (get something rather than nothing) - but I suppose that would be for very very special circumstances (a hardship perhaps).
Posted on
January 13, 2010
at
4:42 am
What are my other options? Is filing bankruptcy one of them?
Posted on
January 13, 2010
at
4:44 am
No actually, student loans cannot be discharged in bankruptcy - together with alimony and child support.You can try to consolidate your student loans though so you'd have a uniform lower interest rate and payment.
Posted on
January 13, 2010
at
4:46 am
If it's private loan and it is with collections - there's a chance that you can settle it.
Posted on
February 22, 2010
at
7:34 pm
ibrinfo.org is a source calculator to see if you qualify for income based reduction of your student loan. Hope it helps.
Posted on
July 16, 2010
at
12:45 am
i know just a little about it...the president’s plan would cap payments on federal loans at 10% of a borrower’s income above a set minimum, defined as 150% of the poverty level for the borrower’s family, and allow loans to be forgiven after 20 years instead of 25.
