CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Florida Students Search for Student Loan Debt Relief Option

Many Florida students use student loans to put themselves through school. With the rising cost of a college education, this debt can seem insurmountable when it comes time to repay the loans. Graduates may be able to use a debt relief option, offered by many student loan holders, to keep their payments manageable.

This is especially important because it is nearly impossible to discharge student loans in a bankruptcy except in rare cases. Forbearance and deferment will put off payment of student loans for a certain amount of time, but the loans will continue to accrue interest in most cases. For this reason, it is important for graduates to educate themselves on the repayment options that are available.

The first thing to determine is what kind of a payment a person can handle, and this may change as one’s financial situation changes. Luckily, there are no penalties for changing repayment options as finances fluctuate over the years. Some repayment options such as income-based payments will require an annual review and submission of financial information in order to adjust the payment. Missing this deadline can cause the payment to revert to the standard payment which is often much more than a person’s budget can handle, so it’s important to stay on top of these payments as the years go by.

Some people in Florida that are in repayment still struggle even when using a student loan debt relief option. Filing for bankruptcy may be the answer. True, the student loans most likely won’t be discharged, but eliminating other debts could free up the discretionary income needed to continue to make timely payments.

Source: Forbes, 5 Things You Need To Do With Your Student Loans Right Now, Maggie McGrath, Sept. 30, 2013

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can I File for Bankruptcy Without a Job?

Bankruptcy is often considered a tool used by people without money, without income, and without any financial hope. The truth...
Read More

Should I Use Retirement Savings to Avoid Bankruptcy? A Tampa Bankruptcy Lawyer Can Help You Protect Your Retirement Nest Egg

Withdrawing money from your retirement savings is rarely advised by financial experts, even if you are facing bankruptcy. Working with...
Read More

Can You File for Bankruptcy and Keep Your Home

Foreclosure is something that occurs after a homeowner has missed multiple mortgage payments. Working with a Florida bankruptcy attorney helps...
Read More

Is There Such a Thing as Mortgage Bankruptcy?

Your home is one of your primary concerns when filing for bankruptcy. Can you claim bankruptcy and keep your home?...
Read More

What Do You Need to Know about a Home Auction in Bankruptcy?

Home auctions are a common topic that arises when someone is faced with the prospect of bankruptcy. Bankruptcy protection for...
Read More

Can a Florida Bankruptcy Attorney Help Me Avoid Eviction

Losing one’s home is one of the most common concerns you can have when filing for bankruptcy. A Florida bankruptcy...
Read More

Covid-19 Tax Tips

The COVID-19 pandemic has affected a variety of things including taxes. These COVID tax tips can help you prepare and...
Read More

How Can a Bankruptcy Attorney in Tampa Florida Help Me If I Fall Behind on My Mortgage After Filing for Bankruptcy?

Many people find that filing for bankruptcy provides all of the financial relief they need to get back on track....
Read More

Are Bankruptcy Laws Designed to “Trip” You Up? Here’s How a Bankruptcy Law Firm Can Help You Avoid Trouble

It’s no surprise that people are skeptical of how bankruptcy can help their financial situation. Many have heard stories about...
Read More

What is a Discharge and What Does It Stop?

The primary benefit of bankruptcy is the discharge. Filing for Chapter 7 bankruptcy results in the elimination of your legal...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions