Can I extraction My learner Loans in Bankruptcy?

Student Loans Alberta - Can I extraction My learner Loans in Bankruptcy?

Two-thirds (65.6%) of 4-year undergraduate students graduated with a Bachelor's degree and some debt in 2007-08, and the mean education loan debt among graduating seniors was ,186 (excluding Plus Loans but along with Stafford, Perkins, state, college and inexpressive loans). Among graduating 4-year undergraduate students who applied for federal student aid, 86.3% borrowed to pay for their education and the mean cumulative debt was ,651.

Student Loans Alberta

For those who have to repay a loan and are considering filing for bankruptcy, the demand on their mind would be: does filing for bankruptcy extraction my student load? Unfortunately, student loans are normally not discharged in the case of bankruptcy. According to chapter 7 Bankruptcy law the only time a loan might be discharged is if it would cause the debtor "undue hardships". The same basic rule also applies to chapter 13 Bankruptcy cases.

At one time, student loans were dischargeable in bankruptcy just as any other unsecured debt. Discharging student loans became favorite during the 1970s, when students would file for bankruptcy soon after they concluded their pricey education. However, the requirements for discharging student loans were changed in 1998.

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