How to deal with Student Loans outside of bankruptcy?

Your best option is probably one of the following income-based repayment options:

  1. Revised Pay As You Earn Repayment Plan (REPAYE Plan)
  2. Pay As You Earn Repayment Plan (PAYE Plan)
  3. Income-Based Repayment Plan (IBR Plan)
  4. Income-Contingent Repayment Plan (ICR Plan)

Sometimes you can get a payment of $0.00 per month in an income-based repayment program.

Free Student Loan Consultation

The Student Loan Management Process

Ongoing Requirements

Every year, federal assistance programs demand that you “recertify” your income. You will be asked to complete a recertification form that we can assist with over the phone, via video chat, or in person.

Student Loan Management Programs

Our firm can determine your eligibility for each of the nine federally approved student loan repayment programs after a thorough examination of your student loan records, financial status, and earnings. Each plan has its own set of rules regarding debt forgiveness, consolidation, or restructuring.

The analysis will provide our experienced staff with the information necessary to advise you on the best actions to take to make sure you maintain a healthy financial profile and your student loans are not such a burden.

Student Loan Repayment Options

Everyone looks at the remaining balance of their federal student loans and is worried about how they are going to make monthly payments on the federal loans until the remaining loan balance is paid off. That repayment period can look daunting for student loan borrowers.

With the analysis, we can do looking at your annual income, monthly payments, the federal loans you have, the federal repayment plans, and if your loans are eligible for any federal student loan repayment programs. There are many different loan repayment options with different names (public service loan forgiveness, income-contingent repayment plan, income-driven repayment plan, extended repayment plan, income-based repayment plan, graduated repayment plan, income-sensitive repayment plan, pay as you earn, etc.)

Figuring out what student loan repayment plan you need or possibly loan forgiveness is difficult. The repayment options that are available typically fall into four categories:

Affordable Monthly Payments

Lower monthly payment amounts based on how much money you make rather than how much you owe, ensuring that your payment is always reasonable. You may have heard of options like income-driven repayment plan, income-contingent repayment plan, income-based repayment plan, extended repayment plan, or pay as you earn plan. These are typically based on you income and family size.

Loan Forgiveness

Determine if you’re eligible to have the federal government forgive part or all of your student loans.

Default Resolution

Combine your defaulted student loans into a new federal student loan and cure any outstanding defaults.

Consolidate Your Payment

All of your federal student loans may be consolidated into a single loan with one easy monthly payment to a single loan servicer. You may have heard of a direct consolidation loan,

Getting Started

The first and most essential step is to get an evaluation of your student loan debt from one of our knowledgeable attorneys. You will be advised on your alternatives depending on the qualification standards required by the Federal Government and Department of Education after the analysis is complete.

What happens if I don’t want to move forward?

There is no obligation to use our firm after the first evaluation. If you want a copy of your analysis and our contact information, please let us know. We can help you now or later if you decide to wait.

Take the First Step

Choose to handle your student debt responsibly. You don’t have to give up the quality of life or peace of mind, especially because there may be alternative choices available to you. Call our office at 501.263.2086 for a free no-risk consultation with one of our knowledgeable staff today.

wh Law, is a debt relief agency. We help people file for bankruptcy protection under the U.S Bankruptcy Code.

Student Loans Blog

How Long Does a Bankruptcy Stay on My Credit Report?

When applying for a loan, your credit report can have a major impact on your ability to get the loan and the interest rate you may have to pay. Filing bankruptcy is a major financial decision that can impact your credit for a long time. Not just because your credit score is lowered when you…

May 17 2023


Can Social Security Benefits Be Garnished?

For many people, garnishments are the event that drives them to file for Bankruptcy. Those on Social Security are already on a limited budget and any loss of income can result in them not being able to meet even their most basic needs. Can Creditors Take Money from my Bank Account? The good news is…

May 3 2023


Arkansas Bankruptcy: What is a Section 341 Meeting of Creditors?

Apr 6 2023


Covid-19 Loans and Bankruptcy

Many businesses were hit hard by the COVID-19 Pandemic. The Federal Government, through the Small Business Administration, tried to ease the burdens put on these businesses by issuing loans. There were two main types of loans that were issued. The commonly known Paycheck Protection Program Loans (“PPP Loans”) and the lesser known COVID-19 Economic Injury…

Apr 5 2023