student loans

Can Student Loan Debt Be Discharged in Bankruptcy?

Student debt cannot easily be discharged through bankruptcy like other types of debt, such as credit card and medical debt. This is because of 1970s legislation that arose over fears of federal student loan borrowers taking advantage of their ability to discharge their debt through bankruptcy. The legislation was extended to include private student loans in 2005. Now, individuals with substantial amounts of student debt often feel trapped by their debt because of the assumption that it cannot be discharged through bankruptcy.
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How is Student Debt Different from Other Types of Debt?

To say that student debt is a big issue in the United States is an understatement. According to marketwatch.com, approximately 70% of American bachelor's degree holders graduated with some student debt. 40 million Americans currently have student loans, and the total amount of outstanding student debt among Americans is $1.2 trillion.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com