For many debtors, repaying student loans is one of their biggest sources of worry. Student loan debt is exempt from the usual treatment afforded to unsecured loans, unless a debtor can establish that they face an undue hardship in paying off these loans. It is extremely difficult to obtain a bankruptcy discharge in connection with student loan debt, so it is usually not advisable to file for bankruptcy mainly because you are buried under this type of debt. At the Kaplan Law Firm, LLC, a Chicago student loan lawyer can help you address the repayment of your loans. We can also help people who need a payday loans in Utah bankruptcy attorney to argue that their student loans pose an undue hardship and thus should be discharged.

Student loan attorney Rae Kaplan can advise Chicago residents on whether this plan or another option is appropriate for them

Members of the military as well as other professions are eligible to receive forgiveness of their student loan debt. We may be able to apply for or negotiate an income-driven repayment plan so that you can make federal and private student loan repayments that you can afford. Your credit will remain solid if you successfully move through this process.

In most cases, your federal loan will be eligible for one of four types of income-driven repayment plans provided by the United States Department of Education. These are plans that have manageable monthly payments calculated based on your wages or income and how large your family is. They are the Revised Pay as You Earn Repayment Plan, the Income-Based Repayment Plan, the Income-Contingent Repayment Plan, and the Pay As You Earn Repayment Plan.

The Revised Pay as You Earn Repayment Plan generally sets a monthly payment at 10% of your discretionary income. Any borrower who has eligible federal student loans may use this plan. (more…)