Student loans debt is one of the most pressing economic concerns for the country. In fact, it is now one of the hot topics in the political arena. It is bound to emerge in all upcoming elections.
For most individuals facing a financial crunch, and they are looking for solutions, they tend to go the bankruptcy way. Unfortunately, a lot of people are not aware of rules that should be followed. One of the questions is: can you file bankruptcy for your student debt? Bustle article about beating student debt provides useful tips. The guide is bound to explore various topics to a certain extent to help people make informed decisions when they are in this situation.
Debt and bankruptcy
Unfortunately, you cannot discharge student loans in bankruptcy filings. However, there are some exceptions. The prevailing wisdom is forgiveness. It allows students to pay off at least 10% of their income for the next ten years, and then you are forgiven.
Exceptions to this rule
There are some exemptions when it comes to student debt and bankruptcy. If you are applying the exceptions, you should demonstrate that it is an unnecessary hardship to pay off the loan, no matter the rate or level.
Ways to pay student loans
There are different ways to pay back your student loans. It appears that student debt keeps on rising. The following are some ways you can pay back your student debt:
Have a plan
You need to work out a strategy, which allows you to pay off the debt before graduating. You can also have a savings plan. It can be advantageous to get a part-time job or passive income. You can start an online business or even do freelancing part-time.
When it comes to consolidation, you should think twice. In this means, you are putting all the existing loans into a single loan. The good thing about consolidation is that you will only be servicing one payment. Also, you can get a discount from a finance company.
Debt reduction through work
You can do several things to reduce the level of debt. For instance, you try an internet venture to make money. Also, you can set up a crowdfunding campaign. This option is a good one as you can make money quite quickly.
This is another great method you can use pay your student debt. There are different programs you can apply for.