Since 1998, student loan debt has been non-dischargeable in bankruptcy unless the borrower could establish that paying back the loan would create an undue hardship. That’s still true. Now, though, DOJ lawyers have some clear, detailed, and much more borrower-friendly instructions about what constitutes undue hardship.
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Student loan debt was put on pause in March of 2020, at the beginning of the pandemic. In the five years since, the pause was extended multiple times. Most borrowers were technically required to start repaying in October of 2023, but the pressure was low. There were no penalties for delinquency in the early months, and the Department of Education (DOE) wasn’t pursuing involuntary collections.
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Federal student loan debt can generally be discharged in bankruptcy only if the debtor shows that repaying the debt would impose hardship on the debtor.
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Understand the challenges of student loan debt and its effects on homeownership, marriage, and economic growth in the U.S.
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We all make mistakes in our 20s. Financial ones, however, can impact us for the rest of our life. Fix your student loans, invest, and start budgeting today.
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At age 55, you expect to retire, or at least begin to think about retirement. But there's one thing: You still have student loans to pay back.
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Paying back student loans is a drag. Some frustrated borrowers are trying a new tactic - moving overseas to avoid repayment.
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Understand what happens when you default on federal student loans and the implications for your financial future.
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