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********A t o n e t i m e a l a r g e p o r t i o n o f s t u d e n t l o a n s e n d e d u p i n b a n k r u p t c y c o u r t b u t r e c e n t c h a n g e s i n t h e f e d e r a l b a n k r u p t c y c o d e h a s e r a s e d t h e p o s s i b i l i t y o f o b t a i n i n g s t u d e n t l o a n d e b t r e l i e f t h r o u g h t h e b a n k r u p t c y c o u r t . T h e r e a r e v e r y f e w c i r c u m s t a n c e s i n w h i c h s t u d e n t l o a n s c a n b e e l i m i n a t e d t h r o u g h b a n k r u p t c y a n d t h e c o u r t s , a s w e l l a s t h e c r e d i t o r s , a r e q u i c k t o d i s p u t e a n y a t t e m p t s .
M a n y s t u d e n t s l o a n s w e r e o b t a i n e d w i t h t h e k n o w l e d g e t h a t r e p a y m e n t w o u l d n o t h a v e t o b e g i n u n t i l a f t e r g r a d u a t i o n a n d w i t h l o a n s f o r p o s t - g r a d u a t e s t u d i e s , b y t h e t i m e t h e s t u d e n t s e n d s t h e i r e d u c a t i o n a l c a r e e r , t h e y a r e b u r d e n e d w i t h o b l i g a t i o n s . M a n y s t u d e n t l o a n d e b t r e l i e f c o m p a n i e s o f f e r t h o s e s t u d e n t s t h e o p p o r t u n i t y t o c o n s o l i d a t e t h e i r d e b t s a l l o w i n g t h e m t o m a k e o n l y o n e m o n t h l y p a y m e n t , w h i c h i s o f t e n l e s s t h a n t h e t o t a l o f i n d i v i d u a l p a y m e n t s .
I t p a y s t o b e e x t r e m e l y c a u t i o u s w h e n c o n s o l i d a t i n g b i l l s f o r s t u d e n t l o a n d e b t r e l i e f l o a n s a s m a n y t i m e s t h e i n t e r e s t r a t e s a r e s i g n i f i c a n t l y h i g h e r t h a n t r a d i t i o n a l l o a n s , b u t s i n c e t h e y a r e c o n s i d e r e d u n s e c u r e d d e b t , t h e n e w g r a d u a t e , w i t h o u t a s t e l l a r c r e d i t h i s t o r y , i s c o n s i d e r e d a h i g h r i s k a n d t h e i n t e r e s t r a t e s a r e a d j u s t e d t o r e f l e c t t h a t s t a t u s .
T a l k O b l i g a t i o n s T h r o u g h W i t h D e b t C o u n s e l o r
M a n y s c h o o l s h a v e r e s o u r c e s s t u d e n t s c a n u s e t o h e l p w i t h s t u d e n t l o a n d e b t r e l i e f , a n d w h i l e n o t o f f e r i n g o p t i o n s t o e l i m i n a t e t h e o b l i g a t i o n m a y h a v e c o n t a c t s f o r o r g a n i z a t i o n s t h a t c a n h e l p t h e s t u d e n t f i n d l e g i t i m a t e c o m p a n i e s f o r h e l p w i t h d e b t . I t i s n o t u n u s u a l f o r s t u d e n t s t o a m a s s l o a n s w i t h p a y m e n t t h a t e x c e e d t h e i r e a r n i n g p o t e n t i a l o n j o b s f r e s h o u t o f c o l l e g e .
W h e n b a n k r u p t c y a p p e a r s t o b e t h e o n l y o p t i o n t o r e c e i v e s t u d e n t l o a n d e b t r e l i e f , m a n y f a c t o r s w i l l c o m e i n t o q u e s t i o n , w i t h t h e d e b t o r h a v i n g t o s h o w t h a t p a y i n g o n t h e l o a n s w i l l p r e s e n t a s e v e r e h a r d s h i p i n t h e i r a b i l i t y t o s u p p l y b a s i c n e e d s i f t h e y a r e p a y i n g o f f t h e l o a n s . U n f o r t u n a t e l y , m a n y s t u d e n t s m a y h a v e c o - s i g n e r s o n t h e i r l o a n s , o r l o a n s t a k e n o u t b y p a r e n t s a n d w h e n t h e s t u d e n t c a n n o t a f f o r d t o p a y , t h e c o - s i g n e r o r p a r e n t i s t a p p e d f o r t h e m o n e y .
A l t h o u g h m a n y l o a n s d o n o t r e q u i r e r e p a y m e n t t o b e g i n u n t i l a f t e r g r a d u a t i o n , i t m a y b e i n t h e s t u d e n t s b e s t f i n a n c i a l i n t e r e s t t o m a k e a n y p a y m e n t s t h e y c a n w h i l e s t i l l i n s c h o o l . T h i s c a n r e d u c e t h e t o t a l a m o u n t o w e d u p o n g r a d u a t i o n a n d o f f e r s o m e s t u d e n t l o a n d e b t r e l i e f w h e n t h e t i m e c o m e s t o p a y b a c k t h e l o a n . T a l k i n g t o t h e c o m p a n i e s t o w h o m t h e m o n e y i s o w e d m a y a l s o a l l o w t h e s t u d e n t t o d e f e r s o m e p a y m e n t u n t i l t h e y b e i n g m a k i n g e n o u g h m o n e y t o r e a l i s t i c a l l y m a k e t h e p a y m e n t s .
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