There are several possible outcomes for improving your student loan situation. Sometimes they can be combined, depending on your circumstances. All of these options are dependent on your situation. Starting with a free consultation with attorneys at Pepper & Nason will help you navigate your options.
Your options include:
- Discharge – This means completely wiping out your student loans. This can be done with or without bankruptcy for people who are struggling to keep up with their student loans, or who will be struggling once a forbearance period has ended.
- Reducing debt / partial discharge – Sometimes a student loan can be partially discharged so you owe less, but still owe some. This is generally accomplished through bankruptcy, but may have other methods.
- Lowering payments – There are several options here that could include lowering debt or identifying the best payment plan for you.
- Forgiveness – Some student loans are forgiven after time (how long can vary depending on the situation) and some can be forgiven under certain circumstances and with good planning. It may be that with proper planning someone can get the loan forgiven quickly, but it may take longer.