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Millions may benefit from Trump’s student loan plan proposal

A December 14 article of Forbes revealed millions of people struggling to repay their student loan debts are expected to benefit from the proposal of president-elect Donald Trump.

A month before the presidential election, Trump said in Ohio that student loan debts should not be a lifetime burden to people and students should not be subject to debt that is impossible to repay. Trump is proposing a limit on the monthly payments to 12.5 percent of the borrowers’ income. Any remaining debt of the borrower would be forgiven after paying monthly dues for 15 years. The government currently allows students pay their debts for 10 years, and repayment plans are offered to them if they experience hardships in settling their monthly dues.

The Birmingham attorneys at Greenway Bankruptcy Law, LLC are knowledgeable about the student loan law and want to assist individuals who are struggling to pay off their debt. If you are experiencing financial difficulties, we may be able to offer solutions to help you. Learn more about your options from us today by calling (205) 324-4000.

Birmingham student loan debt among highest in the country

A recent study by the analysts at WalletHub shows Birmingham is within the top two percent of the most debt-stricken cities in the country.

The consumer finance website conducted their study by weighing median incomes against average loan amounts in 2,513 cities in the U.S. The report found that there were 10 cities in Alabama where resident’s incomes are insufficient for paying student loan debt. For example, a typical Birmingham resident between 25 and 44-years-old with an annual income of $33,081 has an average student loan debt of $35,893. Birmingham ranked third worse in a list of 10 Alabama cities where average student loan debt is higher than annual income.

If you are struggling to pay your student loan debt in Birmingham, a lawyer at Greenway Bankruptcy Law, LLC may be able to help you. Our lawyers work to make it possible for you to have a fresh financial start. Learn more about your personal financial options by calling (205) 324-4000.

Student loan debt relief options for parents

Parents who are financially supporting their children’s education by cosigning their student loan debts may want to try the following options, especially if they are already having difficulty making their monthly payments.

  • Parents who are struggling to pay their “PLUS Loan” monthly dues may want to use the “income-contingent repayment plan” in order to adjust their monthly payments so that they don’t exceed 20 percent of their income.
  • Parents may want to pay the total of their children’s student loan debt by acquiring loans offered by private lenders with lower interest rates compared to the “PLUS Loan.”
  • Lastly, parents may want their successful children to pay their student loan debt. Parents’ credit scores often improve if the student loan debt that they have cosigned for their children is detached from their name.

Another option to relieve parents of their child’s student loan debt is to work with a skilled lawyer. Find out how a lawyer from the Greenway Bankruptcy Law, LLC in Birmingham may possibly help you with your financial troubles today by calling (205) 324-4000.

More teenagers anxious about paying student loan debt

Paying for student loan debt and financing for higher education are a primary concerns for teenagers, an article of ACA International said on December 5.

In the survey conducted at Northeastern University in Boston, more than half of the teen respondents age 16 to 19 are worried about financing their chosen degree in college. Other respondents said that they are not willing to take on any debt. Though many participants said that though they are concerned of having these financial obligations, the majority believe that taking on this burden is necessary to attend college and go on to secure a career of their choice.

Having student loan debt may be overwhelming for many in our current economy. However, if you are overwhelmed by your student loan debt in Birmingham, the attorneys of Greenway Bankruptcy Law, LLC may possibly help you. Consult with us today at (205) 324-4000 to learn more about your options.

Workable tips student loan borrowers may consider

Student loan borrowers who are facing trouble repaying their balance may consider the following tips in order to best manage their debts:

• Be sure to closely review the terms of your loan as there will likely be a range of repayment options available.
• Individuals may want to consider merging their various loans in order to pay one balance at a lower monthly rate.
• Individuals who are having difficulty finding a job may consider requesting deferment or forbearance to temporarily delay repaying their student loan note.
• Borrowers may want to find out if they qualify for repayment plans based on their individual income.

Aside from these helpful tips, enlisting an experienced student loan attorney may be indispensable for those in more serious situations. Our attorneys are experienced in handling and managing student loan debt for people doing their best to stay financially afloat. Find out how the Birmingham-based attorneys of Greenway Bankruptcy Law, LLC may work for you today by calling (205) 324-4000.

Student loan debt burdens baby boomers

According to research, the amount of student debt held by the American elderly has escalated in recent years, the New York Times reported on September 12.

According to the “Household Debt and Credit Report,” unsettled student loan debts held by senior citizens reached $43 billion from the $8 billion recorded nine years ago. Data from the Treasury Department stated that since last July 31, the Social Security benefits of nearly 140,000 elderly citizens are being deducted to cover their unpaid student loans. The Federal Reserve Bank of New York stated that an estimated 2 million elderly in America aged 60 and above are plagued with student loan debts.

Suffering from overwhelming student loan debts can be frustrating, especially if you depend on Social Security benefits and your finances are already limited. However, if you are experiencing this in Birmingham, the lawyers at Greenway Bankruptcy Law, LLC, may work for you. Find out how our lawyers may possibly help you get rid of your debts today by calling (205) 324-4000.     

Proposal to ease students’ debt burden

In legislation recently proposed by a senator, students who took out private loans may have them discharged in bankruptcy cases, an article by the Huffington Post stated on June 25.

In the Higher Education Affordability Act introduced by Senator Tom Harkin (D-Iowa), the option was proposed for struggling borrowers of private student loans to have their debts discharged through bankruptcy, as federal student loans can be. Individuals who borrow funds from private lenders struggle to settle their debts due to higher interest rates than loans from the government. A report by the Wall Street Journal said an estimated 15 percent of the total education debt was from individuals who borrowed from the private sector.

The attorneys of Greenway Bankruptcy Law, LLC, know that many Birmingham individuals are struggling to repay their student loans. If you are in such a situation, we may possibly offer you legal solutions to solve your debt problems. Discuss your situation with us today by calling (205) 324-4000, and find out how we may help you.

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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