One of the biggest problems of America’s youth today is the repayment of student loans. Majority of students take loans from the Federal government, but there are quite a number of students who have opted to take out student loans from private lending institutions. Unfortunately, a good number of students have had problems in repayment of these loans.
It would be natural to think that the government will protect you if you’re having problems in paying your loans. The last recourse available that should be able to protect your assets from debt collectors is to file for Chapter 13 Bankruptcy.
Sad to say, the bankruptcy law explicitly states that qualified educational expenses are not covered by this law. This means that if you have an outstanding student loan that you can’t pay, you’re at the mercy of the debt collectors.
This is one of the concerns of the Consumer Financial Protection Bureau (CFPB). The CFPB already has quite a number of complaints from consumers with regards to private student loans. The bureau does whatever they can to help those who have problems with private student loans, but they can only do so much.
One of the reasons why the CFBP has called for a congressional review of the bankruptcy law is because of the significant rise in student dept and the number of students who have had to default on their student loans.
A report from the Consumer Financial Protection Bureau (CFBP) shows that outstanding debts of student loans have reached a staggering $1 trillion. The outstanding debt to private lending institutions is approximately 15% of this amount.
Quite a good number of students have outstanding private student loans and the CFBP believes that the reason behind this is because private lending institutions have made it easier for students to take out loans with them. These institutions have in fact lowered the required credit score just to make their products more appealing to students.
Another reason why PSL’s have increasingly become popular is because educational institutions do not monitor or give advice to students before they take out loans from private lending institutions. According to CFPB’s recommendations, educational institutions should ensure that students first exhaust all the means to take out student loans with the federal government before resorting to private lending institutions.
Educational institutions should also closely monitor the loan amount that students apply for. These institutions should ensure that the students only apply for amounts that would cover their education and not more.
The fact that a good number of students are having problems in the repayment of private student loans is a matter for concern. Not only that, but the bankruptcy law cannot protect the assets of those who are having problems with these loans.
If you have an outstanding private student loan that you are having problems repaying, then it would be a good idea to seek advice and assistance from the CFPB. Some sound advice is provided at their website for students who have taken out student loans from private lending institutions and are currently having problems repaying those loans.
Student loans are an important category of loans advanced to students. However they need to be repaid on time. A student loan is a lending made by financial institutions to help the finances of students to support their education and living expenses at university level. The loan is a convenient option for the students who are good at studies but are not financially sound as the rates are lower than the other categories of loans and the repayment options are easy; sometimes even extended till the student is still studying. Different places have different rules governing student loan repayment.
Loans are planned keeping in mind the source of return that will enable you to repay on the desired time. But if you are not being able to pay your bill as it arrives then it is a serious matter which needs to be dealt at the earliest. In case you are financial difficulties which are obstructing your repayment plan, then you need to look into the available solutions.
Sallie Mae student loans are witnessing high default rate. But under such circumstances you need to be protected from mistreatment that often lenders subject their borrower to. Student loan forgiveness is a basic fundamental of this category of loan. Under this scheme which is quite an advantage, if you go into a particular career out of the declared list like military etc., then you have the option of getting loan forgiveness on the complete sum or some very easy repayment options. These schemes generally have the backing of the federal system. Thus student loan relief if partial can be through pay as you earn plans or the payment can be deferred in case you are not employed.
But you need proper guidance to drive you out through this trouble. Assistance with student loans is recommended for not falling prey to mistreatment. Thus you need someone like Www.studentloanrelief.us to help student loan worries and plan the future course of action. We provide services for strained loans for Sallie Mae student fraternity. Just come to us and worries will abandon you. The first priority should be to avoid making a default. This you can do when the rate is extremely less. And we can help you making arrangements for that. The surveys suggest that Sallie Mae student loan takers hardly utilize income based repayment program. Thus it is the need of the hour to stop suffering and get your loan neutralized at the earliest. The unpaid loan can threaten your future and to avoid this Www.studentloanrelief.us is a sure shot solution.
If you have the commitment to repay then you do not need to worry about the financial constraints as we are here to find a convenient solution to all your repayment troubles. Repayment programs serve as a golden chance to eliminate all types of student loans even private ones. Come to us and secure your future from the troubles that non repayment of your student loan can invite.