Consolidating student loans bankruptcy
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan.Student loans can come from the federal government or from private sources such as a bank or financial institution. Department of Education responsible for HEAL Program loans?
While traditional bankruptcy is not yet an available option, there are procedures that can be to get student loans discharged, although they are anything but easy.
Borrowers who have HEAL Program loans and members of the community may obtain more information as outlined below.
While you are able to declare bankruptcy to eliminate many types of debts, student loans remain one of the few exceptions.
Then, in an effort to preserve the solvency and availability of federal loans, legislation was passed that mandated a five-year waiting period before borrowers could attempt to have student loans discharged.
This period was then extended to seven years, and in 1998 student loans were then prohibited from discharge at all.