The new DOJ Guidance to discharge federal student loans in bankruptcy creates presumptions that the inability to repay a federal student loan will persist if: The debtor is 65 or older; The debtor has a disability or injury impacting income potential; The debtor has been unemployed for at last 5…
Here’s a copy of a redacted letter our client received today – her loan is now toast! We should expect many many more in the next few days… Borrower Defense Application School: Argosy University Approval of Your Borrower Defense Case Under Exhibit C of the Sweet v. Cardona Settlement Dear XX: You…
Our ABI presentation on the new DOJ Guidance and how to discharge federal student loan debt in bankruptcy went well today, here’s a couple instant reviews! Awesome awesome job guys! I have attended about 3 student loan panels, and this was the best! Best student loan CLE yet!! Over 200…
Reminder, ABI’s presentation for the new DOJ bankruptcy attestation discharge process is today at 3:00 p.m., here’s the link: https://abi.org/events/student-loans-in-2023-is-bankruptcy-finally-a-viable-option?utm_source=social&utm_medium=banner&utm_campaign=abiLIVE_studentloan23&mibextid=unz460 We are presenting along with Chad VanHorn from South Florida to explain how to file these cases, and give practical tips along the way! I’m sure the ABI will have…
I’m jointly presenting a webinar this week for the ABI on the new DOJ procedures to allow the discharge of federal student loans. The intent of the DOJ in reviewing student loans for discharge is to help create a process that allows: Clarity, transparency and consistency Reduce burdens by simplifying…
Turns out yes. I just read a pretty cool story in the New Yorker about a 91 year old lady, perfectly healthy, obtained a full forgiveness under a “compromise and settlement authority” provided for under the Higher Education Act of 1965. Although it is a last ditch effort as there…
The Economic Injury Disaster Loan (EIDL) program is a loan and grant program offered by the U.S. Small Business Administration (SBA) to help small businesses and non-profit organizations recover from economic injury caused by a declared disaster. The EIDL program provides two types of financial assistance: EIDL loans and EIDL…
What is the IDR Waiver? The Short Version: if you have an older FFEL loan, even a prior FFEL Consolidation Loan, make sure to consolidate this to a newer Direct Loan asap if you want all of the relief this program allows (contact us if you have any doubts or…
The Brunner standard is a legal test used in certain circumstances to determine whether a borrower’s federal student loans can be discharged in bankruptcy. The test was established by the U.S. Supreme Court in the case of Brunner v. New York State Higher Education Services Corp. (1987). The Brunner test…
Settling private student loans typically involves negotiating with the lender to reach an agreement on a new payment plan or a lump sum payment that is less than the full amount owed. Here are the steps to settle private student loans: Gather information: Get a detailed understanding of your current…