Our Troy, Ohio bankruptcy attorney, with offices in Troy, Springfield, Xenia, Piqua, and Beaver Creek, helps clients who are in default on their student loans. We will try to help you find an affordable positive solution to all your financial problems. The United States Department of Education (DOE) offers four income-based repayment plans for resolution of student loan debt with loan forgiveness for government service. Chris Wesner, LLC., a member of five Ohio bar associations and the National Association of Consumer Bankruptcy Attorneys, has ten years of experience helping clients with Chapter 7 and Chapter 13 bankruptcies.
Income-Based Repayment Plans
Professional loan servicers, working with the DOE, are available free of charge to help you apply for an income-based repayment plan. Four income-driven loan forgiveness programs require you to pay 10% to 20% of your “discretionary” income for a period of ten to twenty years. Your monthly payments increase and decrease with your earnings and the size of your family based on an annual certification process. Your remaining student loan balance is forgiven at the end of your repayment period when you complete your income-based repayment plan.
Public Service Loan Forgiveness
You may be eligible for public service student loan forgiveness if you work for a nonprofit or a government organization. The public service loan forgiveness program discharges your remaining student loan debt balance when you have successfully completed a 120-month repayment program.
Contact us for help with student loan repayment, foreclosure, repossession, or credit card debt. Our bankruptcy law firm will take the time to understand your unique financial situation. Your initial consultation is free.