Bankruptcy Student Loan
Bankruptcy Student Loan is describe as when a student unable to repay the student loan that he owe and has declared bankrupt. Even people has declared bankrupt, almost all the loan won't be discharge exempted fully or partially. Only some specified cases have declared as dischargeable debts.
To have student loan discharge for undue hardship, you must show the following situations to the Judge.
3 Things to Proof of "Undue-Hardship"
1) You are honestly to made efforts to pay the debt. Even though in the harsh time, you had trying your best to paying them.
2) Show your current status of living that you can't maintain a standard of living and repay for the loan. The obvious matter can be show is your current income and all basic living expenses. Some students are force to declare bankrupt cause of they need to help out their family member or parent to paying large amount of medical bill.
3) The bad financial situation is likely to be continue. Such like jobless, suffering from critical illness and etc.
Although people has declared bankruptcy, they still have the chance to get student loan from government (DEFINITELY not private loans). Because government student loans issue are based on needs rather than credit. Thus, still many student obtained the aid after declared for bankruptcy.
However, there is a limit receive from Government Student Loan each year. It might not enough for the expensive courses such medical or law, but good enough for ordinary courses.
Although the loan still can be acquire pertaining to education, be reminded that we still need to repay back in nearly future. Thus, have a proper planning and think about your capability of repayment before apply to get the loan.
For more student loans information, please check out
Student Loans instead of Bankruptcy Student Loan
Return to Loan-God Home Page
Return to top of the page