Student Loan Issues

Many students have become overwhelmed by their student loans and President Obama has developed a new program to help students deal with these loans. He recently spoke at the University of Colorado regarding the program. During the speech, the President stated that he and his wife Michelle together had owed more that $120,000.00 in student loans regarding their law school educations. He told his audience that Michelle made monthly payments to many lenders and that it took them a decade to pay off these loans. He told his audience “I’ve been in your shoes. We did not come from a wealthy family.”

The President, in his speech, stressed how important a college education is. The President’s plan accelerates a statute previously passed by Congress. The statute reduces the maximum required payment on student loans from the current standard of 15% of income to 10%. The President will put this measure into effect in the year 2012, but the plan was initially scheduled to go into effect in the year 2014. In addition, the President stated the remaining debt after this acceleration would be forgiven in 20 years. This is a five year reduction off of the previous forgiveness period of 25 years. It is anticipated that over a million and a half students would be effected by these new rules.

Student Loans Involve Sufficient Household Debt

It is estimated that student loans are the second largest source of debt for Americans. A college education is a necessity in today’s world. Burdening young people with loans which they are unable to pay leads to frustration and delinquencies. President Obama’s new inititive is an excellent idea!

Long Island Bankrutpcy Lawyers

The bankruptcy lawyers at the Law Offices of Schlissel DeCorpo have filed in excess of five hundred bankruptcies on behalf of our clients. We file both Chapter 7 and Chapter 13 bankrutpcies.  At the initial free consultation with our clients, we explain the various types of bankruptcies and why it may be in their interest to file bankruptcy. Bankruptcies can eliminate debt collection activity, stop foreclosures, and eliminate second mortgages.  There are many myths regarding bankruptcy – including that after filing, you can never have credit – but these myths are simply untrue. Call us for a free consultation and we will review all issues you have concerning bankruptcy, and whether bankruptcy is appropriate for you and as to whether you have other options to deal with financial difficulties. Our phones are monitored 24/7 for your convenience.

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