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Living with student loans? Discharge may be an option

As a student, one thing you've been looking into is the possibility of a personal bankruptcy. Why? Your loans are too high. With the repayment making up half or even more of your income, it's impossible to make payments as well as having a home and any kind of life.

Federal loans are a leading cause of debt in America. One in five homes has student loan debt that affects the people there. The good news is that there could be some ways to address your loans to reduce what you owe each month or to eliminate them completely.

While bankruptcy generally is not an option, a number of federal loans can be placed into repayment programs, discharged or consolidated. There are approximately nine repayment options that you could have access to, depending on your situation.

Can student loans really be discharged?

Yes, and it's becoming more common. Student loans may be discharged in bankruptcy or through administrative means depending on your personal situation. If you can show that you are a recipient of Social Security disability or unable to work, then there could be options for relief for you. This is also true if you have the means to prove undue hardship.

Courts aren't always sympathetic, but having good documentation of the hardship you face because of your student loan debt will help. Many people struggle with these debts, so it's no wonder that more and more people want to know what they can do to eliminate their federal loans. Our site has more on what you can do if you're stuck in a cycle of living paycheck to paycheck.

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