Federal Student Loans

August 11, 2023

Student Loan Payment Freeze Ending -What Now?

As a result of legislation enacted by Congress, the student loan payment freeze is ending. Student loan interest will resume Sept 1, 2023. For most, payments will be due in October 2023. It is expected that nearly half of borrowers are unable to begin making payments again. Many people are simply not in a stable enough position to begin with these payments at this time. One in five borrowers are facing monthly payments over $500! Another survey stated one out of four will have to consider putting off buying a house or getting married in order to begin payment on their student loans again.

If you are entering repayment or beginning your student loan payments for the first time, there are 3 things you should do now.

Make a budget – take a hard look at your monthly income and expenses.

September 15, 2021

Changes might be coming for Student Loans in Bankruptcy

by Frank Coxwell

For a long time now, student loans have been pretty much prohibited from being discharged through bankruptcy. That could change by the looks of this proposal. The S.2598 – FRESH START Through Bankruptcy Act has been recently referred to committee.

Why is it so hard, if not impossible, for people to get rid of student loans through bankruptcy now?

Due to a 1976 law, student loans are not allowed to be treated like other forms of debt (ie: credit cards or car loans). This comes from a federal commission on bankruptcy laws that heard testimony claiming the discharge of student loans could damage federal student loan programs. Congress was concerned that students could borrow thousands from the federal government, then graduate, then file bankruptcy, and never repay their student loan debt.

September 27, 2014

How can you get student loan debt information?

by Frank Coxwell

Student loans are not usually wiped out in bankruptcy like other debts (although bankruptcy can provide assistance). But the court still requires that you list your student loan debt in the bankruptcy, since this is a debt that you owe. This can be difficult, especially while they were in forbearance, if you have not kept track of your loans

For federal student loans, you can locate all of your lenders and student loan debt on The Department of Education website. It’s called the “National Student Loan Data System”. Go to www.nslds.ed.gov and click the “Financial Aid Review” button, and just follow the instructions. This will give you a print out of all your student lenders and their contact information.

For private student loans, you can’t go to a single website that has information about all of your private student loans. However, private student lenders may be reporting your loans to the credit bureaus and you can locate their names by requesting a free credit report at www.annualcreditreport.com.