Top 20 Student Loan Relief Answers

Bills.com has published more than 100 pages of resources and answers to reader questions about student loan relief. Your question is open-ended, so rather than try to summarize what Bills.com has published about student loan relief, the following is a list of the top 20 student loan relief reader questions and answers. Scroll through the list and find your top concern. Click on that link and read your fellow reader's question and our answer. Return to this page to learn more about your other student loan relief concerns.

Student Loan Consolidation

Learn the five steps to consolidate a federal student loan, and the four steps to consolidating a private student loan.

Private Student Loan Default

Regarding collections, private student loans are similar to unsecured debt. If you default on a private loan, the creditor or collection agency must sue you in civil court.

Private Student Loan Settlement

Your lender showing willingness to negotiate a settlement on your private student loan is a positive step. Where to start negotiations for a lump-sum settlement.

How to Discharge a Student Loan In Bankruptcy

There is a limited exception to when you can discharge a student loan in bankruptcy. To do so, you must prove to the bankruptcy court you are in an undue hardship.

Student Loan Co-signing

When you co-signed on the loan, you assumed legal responsibility to pay the loan. You made yourself subject to collections if the party you co-signed for defaults on the agreed payment arrangements.

Student Loan Forbearance & Student Loan Deferment

If you cannot afford to repay your student loan, whether it be a private student loan or a federal student loan, you have two types of options — temporary payment suspension, and changing the loan's repayment terms.

Pros and Cons of Refinancing or Getting a Second Mortgage to Pay Off a Student Loan

The one advantage of using your equity to retire your student loan is that student loans are not dischargeable in bankruptcy. If a financial disaster befalls you in the future, you can discharge the refinanced mortgage debt in bankruptcy.

Income Contingent Repayment for Direct Loans

In Income Contingent Repayment, the borrower's monthly repayment amount is based on total Direct Loan amounts, family size, and adjusted gross income.

Income Based Repayment

IBR is a repayment plan for many types of federal student loans that caps the size of the monthly payment, based on the borrower's income and family size.

Student Loan Disability

If you are disabled and have a federal student loan, the Dept. of Education may cancel the balance of your loan. However, you must apply to have your loan canceled.

Stop Garnishment on Student Loans

The options available to you to help stop or reduce the wage garnishment you are experiencing will depend on whether your delinquent student loans are federally insured loans, such as Perkins, Stafford, PLUS loans, or private student loans.

Statute of Limitations for Federal Student Loans

Due to changes in federal laws in 1998 and 2005, collection on federal student loans now have no statute of limitations. Learn the options available for student loan resolution.

Statute of Limitations for Private Student Loans

Unlike federally insured loans, your state's statute of limitations for taking legal action to collect on written contracts will apply to private student loans. Once the statute of limitations expires, the creditor will be limited in taking legal action against you.

Consolidate Student Loan With Mortgage

Scrupulous mortgage brokers who now need to pass a federally administered examination to work in the field play by the book. I think it highly unlikely you will be able to consolidate your student loans with a conventional mortgage.

An Overview of Federal Student Loans

A dizzying array of student loans await student loan shoppers. The most basic distinction is who guarantees or stands behind the loan — the US federal government or private lenders.

Use 401(k) to Pay Student Loan

Taking a 401(k) distribution my result in lower interest costs, but will almost certainly result in the increased monthly expense of saving for your retirement.

Public Service Loan Forgiveness

The Public Service Loan Forgiveness program discharges any remaining student loan debt after 10 years of full-time employment in public service.

Default on Federal Student Loan

The results of not paying a student loan, and options for avoiding a default on federal student loan.

Remove Student Loan from Credit Report

To get a negative credit report made by the Dept. of Education removed, you must successfully complete the Dept. of Education's loan rehabilitation program.

Sallie Mae Forbearance & Deferment

SLM Corp., also known as Sallie Mae, is the US’s largest originator of federally insured student loans. It manages more than $180 billion in debt for more than 10 million student loan borrowers.

Review the above list and follow the links to the student loan relief questions and answers that best answer your question. Ask any follow-up questions you may have on the appropriate page, or here below. For more information on student loans visit the Bills.com student loans page.

I hope this information helps you Find. Learn & Save.

Best,

Bill

Bills.com