Consolidating student loans after bankruptcy

Posted by / 29-May-2016 01:06

Consolidating student loans after bankruptcy

Borrowers who receive lower payments through the IBR program will often pay more on their loan than if they remain in the standard 10-year payment plan.The IBR program is complex and does not offer assistance to many overextended student loan borrowers.The current generation of students is leaving school with more debt than any previous generation.

The desire to provide student debt relief to borrowers is tempered by concern about the cost to taxpayers when this government guaranteed debt isn’t fully repaid.In my view, it is possible to provide a modest level of student debt relief to borrowers without imposing substantial costs on taxpayers.In addition, some student loan borrowers who maintain payments through the IBR program will be able to utilize public loan forgiveness programs The primary purpose of the IBR program is to prevent borrowers from defaulting on their student loan when their household income is low compared to qualified student loan debt.Only student loan borrowers with chronically low levels of household income can receive some debt forgiveness.First, the IBR program does not cover PLUS loans made to parents, private loans, or consolidated loans that include a parent PLUS loan or a private student loan.

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The decision to consolidate 10-year loans into a 20-year loan could also make borrowers ineligible for the IBR program.

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