Today on the student loan front, someone calls with?
$100,000 of personal student loans, and another $52,000
in government student education loans.
The government loans are in forbearance until February, 2016.
So far, so competent.
NCT (National Collegiate Trust) buys bad private figuratively speaking.
They do not lend anyone money.
They, do, however, apparently buy bad private education loan debt.
Then, try to collect it.
I say, apparently, because they cannot always prove they did, indeed, opt for the student loan debt.
Anyway, government? loans have income based repayment programs and the ways to rehabilitate and consolidate and, options.
Warning:? that education loan debt that you get rid of any time you finish a payment plan, or, PSLF (Public Service Loan Forgiveness? is income.
Debt forgiveness income.? Taxable income.
Private education loan debt?
The person who called is paying them $50 per thirty days.
They want $1,800, and revealed that it takes $800 just to cover a person\’s eye.
My caller is just realizing nancy caught in the student loan trap.
She lives with your ex-girlfriend parents just to afford $50 per month.
She has no credit.
She cannot get yourself a house, get married, have kids, with this giant ball and chain of debt.
She wishes to know:? what can I do?
Staying where you are supposedly is always an option.
There are pending proposals to make student loan debt dischargeable again in bankruptcy, without the need to file a separate lawsuit.
They may pass, at some point.
So, keep kicking the can later on, get another forbearance or credit reparing payment plan on the government loans, and wait NCT with $50 per month as long as you can.
Or, file a chapter 7 bankruptcy now, and sue to give the student loan debt discharged.
But, at 29, with no health issues, challenging prove it would be an undue hardship to always ever pay them off.
Or, stop paying NCT, and then determine if they sue you.
Not i recommend this, but, regarded as option.
No statute of limitations defense, as she actually is still paying them.
You could take a chance to see if they can actually prove they bought your education loan or loans.
If they cannot, won by you the lawsuit.
But, costs money to rent me to defend, and, the win can be without prejudice, meaning, should they find the papers, they could sue you again.
For real relief, trainees loan bankruptcy laws have got to change.