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Posts tagged "student loans"

Are changes in store for private student loans?

On behalf of Sulaiman Law Group, LTD posted in Chapter 7 on Friday, August 3, 2012

Student loans have been in the news a lot in the last year or two. Particularly with the poor economy, people have been struggling to repay their loans, and some are drowning in debt. It's especially difficult for people who went to school on private student loans, because those cannot be discharged in bankruptcy. However, many hope that will eventually change.

Even the Consumer Financial Protection Bureau and the Education Department are weighing in on the issue. In a new report, the agencies suggest that perhaps laws should change so that private student loans aren't so inflexible.

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Tags: Chapter 7 bankruptcy, student loans

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Little-known facts about student loan debt

On behalf of Sulaiman Law Group, LTD posted in Debt Relief on Friday, July 27, 2012

As millions in this country are buried in student loan debt, the government has been making some changes to eligibility requirements. A lot of people are unaware of certain changes and statistics relating to student loans. Here are a few bits of information that may surprise you.

• About 10 percent of graduates of four-year colleges recently reported having monthly student loan payments greater than 25 percent of their income. Since the average starting salary for graduates is a bit over $41,000, that comes out to about $869 per month.

Continue reading Little-known facts about student loan debt

Tags: debt management, debt relief, student loans

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Mounting consumer debt could be healthy sign for economy

On behalf of Sulaiman Law Group, LTD posted in Debt Management on Wednesday, May 16, 2012

In March, U.S., consumers experienced the largest hike in their debt in the last 10 years. Many are experiencing higher debt as a result of larger credit card bills, as well as student loans needed to pay for increasing tuition and other borrowing. Could the fact that they're borrowing at all be a good sign?

Official government statistics indicate that the economy expanded in the first three months of the year at a rate which, if it continues, would amount to an annual 2.2 percent growth rate.

Continue reading Mounting consumer debt could be healthy sign for economy

Tags: debt management, debt relief, student loans

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How can students avoid heavy loan debt?

On behalf of Sulaiman Law Group, LTD posted in Debt Management on Tuesday, April 17, 2012

If you graduated from college or graduate school with a mountain of student loan debt, you're certainly not alone. The statistics are sobering: Americans currently owe approximately $867 billion in student loan debt, according to the Federal Reserve Bank of New York. Another estimate notes that the total could be northwards of $1 trillion.

The average student loan debt for public college students was about $19,800 in 2009. Of the graduates from nonprofit or private colleges, there was an average debt of over $26,000. It certainly doesn't help that tuition has skyrocketed much faster than inflation.

Continue reading How can students avoid heavy loan debt?

Tags: debt management, debt relief, student loans

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Student loans may be driving people toward bankruptcy

On behalf of Sulaiman Law Group, LTD posted in Debt Relief on Friday, February 24, 2012

College tuition has skyrocketed in the last dozen years or so. For people who aren't lucky enough to have family wealth, student loans are often a must in order to pay for college. Student loan debt continues to grow, and economists are calling the issue an "economic time bomb."

According to a new survey of bankruptcy attorneys, a third of them saw 25 to 50 percent increases of clients with heavy student loan debt over the last three or four years, while a fourth saw an at least 50 percent increase.

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Tags: debt relief, student loans

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Middle-aged see the highest rise in student debt

On behalf of Sulaiman Law Group, LTD posted in Debt Relief on Wednesday, January 4, 2012

The tough economy has a trickle-down effect. When companies lose money, they lay people off. When people are laid off, there's only so long they can wait to hear back on job applications. So they go back to school.

That scenario probably explains why the middle-aged are amassing student debt faster than any other age group. According to Reuters, borrowing money for education has increased for every age group in the last three years. But it's gone up faster for those between the ages of 35 and 49.

Continue reading Middle-aged see the highest rise in student debt

Tags: debt management, debt relief, student loans

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Proposal might bring debt relief on student loans

On behalf of Sulaiman Law Group, LTD posted in Debt Relief on Tuesday, November 1, 2011

A proposal rolled out by President Barack Obama last week could help graduates reduce the interest rates on their outstanding loans and consolidate federally guaranteed private bank loans with direct federal student loans. It is estimated that as many as 5.8 million debtors owe money on both types of loans. Under the debt relief proposal, they would be able to roll both types of debt into a single direct government loan.

Under the plan, the U.S. government would attempt to refinance outstanding private student loans. It is estimated that borrowers might save as much as 0.5 percent in interest rates on their student loans, based on the lower interest charged on direct federal loans.

Continue reading Proposal might bring debt relief on student loans

Tags: debt relief, student loans

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