Options For Student Loan Repayments
UTICA, N.Y. — 40 million.
That’s the number of Americans with student loan debt.
For some, that debt is in the thousands.
For others, it could approach a quarter of a million dollars.
During the pandemic, payments were passed by both the Trump and Biden administrations.
That pause expired in August after congress passed a provision in the debt ceiling bill that said the president could not extend the pause without an act of Congress.
This meant interest restarted on loans last month, and payments this month.
It’s an issue that bankruptcy attorney David Gruenwald sees every day.
Student loan debt is a big problem, and with the push for repayment, that could put extra pressure on households.
For some, the pressure could mean making tough decision to make those payments.
But there are options available for people struggling to make payments.
The Biden Administration recently launched the save program, which reduces payments based on a person’s income.
One lesser-known option, bankruptcy.
“The thing I want people to know is that it’s not entirely true, there’s that rumor, you can’t get rid of student loan debt through bankruptcy. That’s not entirely