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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.

U.S. grads find it harder to pay off student loans than UK grads

A recent study revealed that although student loans are substantially higher in the UK than the U.S., college graduates in the U.S. often find it harder to settle their debts, an article of University Herald reported on June 17.

In the report released by the Sutton Trust, tuition fees in the UK were the highest among English-speaking countries and college graduates were left with heftier student loan debts. Even so, students in the UK had an easier time settling their debts than American students. The research focused on 30 English-speaking countries including Australia, New Zealand, and Canada. Unlike graduates in other countries, UK grads are given “clear repayment methods.” U.S. grads often contribute to the glaring student loan debt level because many of them are not earning income to settle their debts.

The Greenway Bankruptcy Law, LLC legal team understands that many college graduates are stuck repaying their student loan debt without an income to do so. If you have debt with no income, we may be able to offer you a legal option to help resolve your financial issues. Call our office today at (205) 324-4000 to learn more about your options.

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.

University athletes also burdened by student debt

College students in the U.S. who represent their schools through sports are also burdened by student debt after school is over, a Forbes article stated on June 3.

Though some college jocks are privileged enough to be rewarded with complete or partial scholarship funding, many still take out loans to cover additional living expenditures. There are many student athletes from economically-challenged backgrounds who must borrow funds to cover school and living costs. College athletes who are not covered by scholarship benefits are no different from any other college student who suffer massive debt repayment after they graduate.

The burden of student debt after graduating is significant, especially because well-paying jobs are not always available to inexperienced graduates. If you are struggling with debt in Birmingham, the lawyers of Greenway Bankruptcy Law, LLC, may offer you other solutions to solve your debt problems. Call (205) 324-4000 to find out how we may help you.

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505 20th St N #1220
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Phone: (205) 324-4000
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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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