West Palm Beach Student Loans Attorney
The amount of student loan debt in the United States is staggering: $1.6 trillion. What’s more, as many as 44.7 million Americans have student loan debt, with most of those Americans being under 30 years of age, but the number of seniors with student loan debt has increased significantly. Most borrowers owe between $10 and $25 thousand, although there is a significant portion of people who owe over $50 thousand.
Managing student loan debt can be burdensome and overwhelming, and for some people, paying off debt starts to become impossible. If you are facing large amounts of student loan debt and aren’t sure what your options are, our experienced West Palm Beach student loans attorneys at the office of Bruce S. Rosenwater & Associates, P.A. can help. Call us today to learn more.
Can You Discharge Your Student Loan Debt?
For people who are drowning in debt, discharging their debt by filing for bankruptcy may seem like a great idea. Unfortunately, though, student loan debt is one of the types of debt that cannot be discharged under bankruptcy, unless certain circumstances are satisfied. Outside of bankruptcy, though, there are some other potential avenues for alleviating your student debt burden, including:
- Public service loan forgiveness;
- Teacher loan forgiveness;
- State-sponsored repayment assistance programs; and
Speak with an attorney or a financial professional to learn more.
Tips for Managing Student Loan Debt
If discharging your debt isn’t an option, you do need to find a way to manage it. Just like other types of debt, unpaid debt will accumulate interest, eventually totaling far more than you originally borrowed. Tips for managing student loan debt include:
- Consolidate debt. If you have various sources of student loan debt–or various sources of debt in general–consolidating your debt may make sense.
- Pay down the biggest loans first, and pay off principal when you can. The bigger your loan, the more interest that will accumulate; therefore, it’s in your best interest to pay down your biggest loans first. Another strategy for reducing interest is to pay down the principal if you are able to make any extra payments, as this will reduce the amount of interest you owe over the life of the loan.
- Consider various payment plans. Another strategy that you should consider for managing your student loan debt is to consider various repayment plans. Extended repayment, income-adjusted repayment, or pay-as-you-earn repayment is another option.
Talk to an Experienced Attorney About Your Student Debt
If you are facing large amounts of student debt, it’s in your best interests to consult with a professional who can advise you of your options and represent you in whatever action you pursue. At the law office of Bruce S. Rosenwater & Associates, P.A., our experienced bankruptcy lawyers are here to serve you. If you have questions, please reach out to our team directly for answers you can trust. We work with your best interests in mind.