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According to Sallie Mae, as of 2021, 1 in 8 families are using private student loans when federal financing does not cover all college costs. [41] In July 2021, the U.S. Second Circuit Court of Appeals ruled that private student loans are dischargeable in bankruptcy, [42] following two other cases. [43]
Since Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, both federal and private student loans are more difficult to discharge in bankruptcy than other types of ...
Student borrowers with certain types of private loans inched closer to being able to discharge that debt in bankruptcy after a New York court ruling.
Discharging your private student loans is a complex process. For premium support please call: 800-290-4726 more ways to reach us
How Justice Department changes have made student loan bankruptcy easier On Nov. 17, 2022, the Departments of Justice and Education announced changes in how student loan discharge will be treated ...
Since then, about half of private student loans offer death and disability discharges. In 2011, The New York Times published an editorial endorsing the return of bankruptcy protections for private student loans in response to the economic downturn and universally increasing tuition at all colleges and graduate institutions. [18]
Since 1994, ECMC has operated in the areas of student loan bankruptcy management and loan collection. ECMC is one of a number of guaranty agencies that oversee student loans for the United States Department of Education. As a guarantor working on behalf of the U.S. Department of Education, ECMC charges fees to debtors and earns commissions from ...
Alrena Dale, 61, was working multiple jobs to afford her monthly student-loan payments. Then came Biden's new bankruptcy guidance. How a student-loan borrower got $155,000 in debt wiped out ...