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Student Loans are Not Erased in Bankruptcy


In 2011 our nation’s student loan debt passed the $1 trillion mark. Student loan debt has exceeded credit card debt since 2010. A number of financial experts say that we’re in a student loan crisis. Many students leave school saddled with a debt load that isn’t affordable on their entry-level salaries.

As the law stands, student loans are nondischargeable in most cases and are not erased in bankruptcy. This means that students loans must be paid back even after successfully filing for bankruptcy.

Bankruptcy May Still Help You If You’re Struggling with Student Loan Payments

If you’re struggling to make your student loan payments on top of credit cards, medical debt, and other monthly living expenses, bankruptcy may help you be able to better afford your student loan payments.

Bankruptcy can erase your unsecured debts, including your credit card and medical debts. Although bankruptcy may not erase your student loans, it can free up funds. The money you were using to pay monthly credit card and medical bills can then be directed toward your student loan payments.

Students Loans Have Repayment Options

If you’re struggling with monthly student loan payments, we encourage you to reach out to your lender(s)! Many student loan lenders offer options to lower monthly payments or pause payments for a short amount of time.

We encourage anyone with student loans to explore income based forgiveness programs for government-backed loans.

Also, federal student loans have the options of deferment or forbearance that allows you to temporarily postpone or reduce your monthly payments. Be mindful to understand how these options will impact your overall repayment plan and interest rate. Consider too that your total amount owed will increase, typically including compounded interest fees.

We Offer Free Consultations

To discuss your financial situation and whether or not bankruptcy is the right choice for you contact us for a free consultation!

Follow the Law Offices of Barbara B. Braziel on Facebook for money saving tips and information on getting out of debt!

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

The post Student Loans are Not Erased in Bankruptcy appeared first on Braziel Law.

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