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Student loan debt may get a little easier to handle for borrowers

There are many reasons that a person in Tampa might be facing the possibility of filing for Chapter 13 bankruptcy, including being unable to pay off student loan debt. When a person is facing overwhelming debt of any kind understanding his or her options is one of the first the steps to overcoming it.

Paying down student loan debt can be very difficult for many young adults just out of college. However, there may be some good news for those who find themselves in that situation, as the Education Department has recently made new rules to help protect those who borrow money for education. According to reports the new rules will make it easier for students to get out of default status and pay off their loans.

The new rules are good news for those students who were having a hard time meeting the demands of debt collectors. Now, those who are in default can get out from that status by choosing to make their payments on-time in amounts that they can reasonably afford, instead of payments based on the percentage of their total debt. Another rule change permits delinquent borrowers of at least nine months to request “forbearance” on their loans orally instead of in written form.

There is no question that student loan debt can be very difficult to pay off for many college graduates. There are many reasons that a person can find him or herself behind on payments for student loan debts. However, whatever the reason is, the important thing for a person to understand is how to get out from underneath that debt. Contacting an experienced student loan debt attorney is often the best place to start.

Source: The Northwest Florida Daily News, “New student loan rules add protection for borrowers,” Ann Carrns, Nov. 5, 2013.

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