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Student Loan Related

Teacher Discharges Loads of Student Loans in Bankruptcy. ECMC Fights Back.

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Today I’m looking at another bankruptcy discharge case, see more here, where a bankruptcy judge felt it was appropriate to allow for a legal discharge of student loan debt. In this case the consumer represented herself in the action and has fought a valiant battle. Even though President Obama and the Department of Education have recognized a valid and reasonable ... Read More »

    Bankruptcy Court Wants to Discharge Spousal Consolidation Student Loans. Educational Credit Management Corporation Says, “Not So Fast.”

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    I have to admit I am totally perplexed by the media and popular myths that believe student loans can’t be discharged in bankruptcy. Even a lot of bankruptcy attorneys believe this wildfire myth. Thanks to some amazing readers and tipsters I’ve just received a collection of cases where the consumer managed to have their student loans eliminated in bankruptcy, right ... Read More »

      Discover Bank Screwed Over Student Loan Holders Says CFPB

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      Today the Consumer Financial Protection Bureau (CFPB) took action against Discover Bank and its affiliates for illegal private student loan servicing practices. The CFPB found that Discover overstated the minimum amounts due on billing statements and denied consumers information they needed to obtain federal income tax benefits. The company also engaged in illegal debt collection tactics, including calling consumers early ... Read More »

        Mother Wins Bankruptcy Discharge of National Collegiate Student Loan Trust Student Loans

        The decision to file bankruptcy should be a celebration.

        A Los Angeles bankruptcy judge ordered student loans to be discharged on July 6, 2015 because they did not qualify as education loans under 11 U.S.C. 523(a)(8). Judge Neiter, United States Bankruptcy Judge in the Los Angeles Division of the Central District of California, presided over the adversary proceeding case no. 2:14-ap-01722-RN, Schwartz v. National Collegiate Student Loan Trust and ... Read More »

          Department of Education Reaches Decision About Student Loans and Bankruptcy

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          The Department of Education has just released guidance on how it will handle bankruptcy discharge requests for government backed student loan debt. And while the guidance is helpful, it’s also a bit disingenuous that it places the burden on students who believed what schools and colleges sold them as a smart financial move. The guidance wants to provide a balance ... Read More »

            Why Your Student Loan Debt Might be Bogus and Uncollectable

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            Over the past decade we’ve seen a number of scandals floating around debt ownership and robosigning. That’s the process where creditors swear they are the real owners of a particular debt but can’t actually produce the proof when pushed to. And sense most consumers fold up into a ball and mostly never fight back when they are sued over old ... Read More »

              CFPB Says Student Loan Servicers Lie About Bankruptcy Discharge

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              The Consumer Financial Protection Bureau (CFPB) has released a document critical of student loan servicers. Kind of an easy document to write because for the most part student loan servicers suck donkey balls with all their bad information and horrible advice to consumers. But here are the big items the CFPB says they really, really horrible at getting right. Misleading ... Read More »

                Can You Discharge Private Student Loans in Bankruptcy?

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                There’s a big misconception that private student loans can never be discharged in bankruptcy. People have repeated that statement so often they believe it to be a fact. The only problem is it’s not quite true. Some private student loans are clearly eligible to be wiped away in a consumer bankruptcy. Even in a Chapter 7 bankruptcy, it takes only ... Read More »

                  There’s a Catch to Income-Based Repayment That Could Cost You Money

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                  When it comes to dealing with student loans it can be a good news-bad news situation. While there are some good options to dealing with student loans when you can’t afford the payments, not all loans are the same. Federal student loans have a number of repayment options while private student loans tend to be more limited in terms of ... Read More »

                    One Way to Eliminate Your Student Loans in Your Spare Time

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                    We talk a lot about student loan debt and how to deal with it here at GetOutOfDebt.org. It is something that so many people are trapped under. How do you start a family, buy a home or just live a comfortable life when your minimum monthly student loan payment is more than most mortgage payments? You could easily pay off ... Read More »

                      Democrats Introduce Bill to Restore Bankruptcy Treatment for Student Loans

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                      Senator And Others Say It’s Time To Restore Fairness And Common Sense To Bankruptcy Treatment Of Student Loans U.S. Senator Dick Durbin (D-IL) led a group of 12 other Senators today in introducing a bill that will help address the student debt crisis by treating privately issued student loans in bankruptcy the same as other types of private unsecured debt. ... Read More »

                        Will You Finally Be Able to Get Rid of Your Student Loans in Bankruptcy?

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                        This week the White House announced a new Student Aid Bill of Rights, which aims to help federal student loan debtors with better options and more clarity in dealing with their problem student loans. While most of the new initiatives announced are geared toward eliminating unnecessary payment hurdles and make dealing with federal student loan repayment options easier, one section ... Read More »

                          Student Aid Bill of Rights to Assist Federal Student Loan Debtors

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                          In a move that could help make it easier for federal student loan debtors to deal with their loans, President Obama has just announced a new Student Aid Bill of Rights. It appears the government might be making it easier for consumers to discharge federal student loans through bankruptcy. Take a look at Section 3(b) below. In section 2(c) the ... Read More »

                            U.S. Dept of Education Says Some of Their Debt Collectors Just Suck

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                            Following a review of 22 private collection agencies, the U.S. Department of Education announced today that it will wind down contracts with five private collection agencies that were providing inaccurate information to borrowers. The five companies are: Coast Professional, Enterprise Recovery Systems, National Recoveries, Pioneer Credit Recovery, and West Asset Management. The Department also announced that it will provide enhanced ... Read More »

                              What Can I Do if I’m Delinquent on My Federal and Private Student Loans?

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                              Q: What are my debt relief options if I am delinquent on both my federal student loans and my private student loans? A: Falling behind on your student loan payments is a problem far too common. I speak with people on a frequent basis facing delinquency in payment of their student loans. One of the problems I hear most often ... Read More »

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