According to the Consumer Financial Protection Bureau, there is approximately $1 trillion of student loan debt in the United States. Privately funded student loans make up $150 billion of this burden. Making matters worse, private student loan debt is nearly impossible to discharge in a bankruptcy. This is because the current standard to include a private student loan in a Chapter 7 bankruptcy is “undue hardship.” The level for this standard is quite high, with court cases allowing the discharge of this debt where a young person was severely and permanently disabled. Consequently, many young people who are employed and healthy are stuck with student loan payments they cannot keep up with.
https://www.businessinsider.
Debt settlement done by a qualified debt settlement attorney is currently only way the majority of young people burdened by private student loans can pay less than the full amount owed. Debt settlement done by a qualified attorney results in a reduction of the principal balance owed on the debt, making repayment in full a possibility. Contact a qualified debt settlement attorney if you or someone you know, can no longer afford their private student loan payments.

Kevin Fallon McCarthy

Latest posts by Kevin Fallon McCarthy (see all)
- Different Ways to Get Out of Debt - January 22, 2019
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018