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The examination of the private student loan cases shows those who are most likely to have their student loans fully discharged are those that have a sufficient underlying medical situation that would make repayment of the loans either impossible or subject the debtor to a below minimal standard of living.One case in particular, -ap-00039 – Opp, was interesting because the consumer said the cost of their education in their field of study did not allow them to earn enough money to repay the loans.But when the benefit is literally tens of thousands of dollars of saved interest, it is more worthwhile than just about anything else I can write about for young doctors.It is so easy to “sell” the concept of student loan refinancing because it is a win-win-win. The only real loser here is the taxpayer, since they lose a borrower who is almost sure to pay off their loans and is paying a very high interest rate.If you are refinancing the student loan with a personal loan, you will lose access to any protections and entitlements of the student loan.Contact a loan officer at Sallie Mae and discuss your intent to refinance your student loan.This article is part of my ongoing look at the possibility of discharging student loans in bankruptcy.It is a followup to my article here where I looked at federal student loans that received a modification, settlement or elimination as part of a bankruptcy adversary proceeding filing in 2012.
Your lender likely doesn’t offer private student loan forgiveness. For example, many top student loan refinancing companies offer either deferment or forbearance.
This time I’m taking a look just at the cases in the adversary proceedings that ended with some sort of judgment resolution that would provide us with a very definitive guide to what was ultimately the outcome or successful.
The purpose of this article is to understand what types of situations primarily result in a specific outcome in hopes the results might paint a likely picture if eliminating student loans in bankruptcy is or is not possible.
Tell him that you are having trouble making payments and request an interest rate or balance reduction.
Discuss your income and overall credit situation to give Sallie Mae a better sense of your financial status so it will be able to make a more educated business decision.