Student loan debt is a noose around the necks of so many consumers, their family, parents and friends. It is so easy to get into student loan debt, yet it’s one of the more difficult types of debt to deal with. While federal student loans have free programs that can help with the debt, the loan servicers who you turn to for help and advice do a horrible job of giving the right advice. Private student loan debt was always a trap. Sold as the easy way to finance a better future, it has become an unaffordable trap which ruins the lives of many.
The good news is there are options for dealing with unaffordable student loan debt. These options range from enrolling in a federal government income-driven repayment plan, settling private student loan debt for half of what you owe, or eliminating some federal and private student loans in bankruptcy.
Dealing with student loan debt is complicated, frustrating, confusing, and often feels hopeless. The reality is depending on the type of student loan debt and your circumstances, the outcomes of reduced payment solutions, setting your debt, or having it forgiven can be a reality.