Tampa Student Loan and Bankruptcy Lawyer Blog — April 21, 2020
We’re hearing a lot of people are finding out their student loans are delinquent – another today that received a 90 day late and had no idea they were out of deferment.
The dings to your credit are not small — we had a client recently who had four student loan accounts (not unusual at all) and the hit to his credit was 100 points.
You can imagine what a 100 point hit will do especially when it’s unexpected!
The key is to remain on any unused forbearance or get into IBR most likely. ICR and PAYE plans are also available, although there are still some questions regarding forgiveness under other plans than IBR. This week, we received confirmation that someone who wants to exclude their spouse’s income can still do so by filing a married filing separately tax return and applying for IBR. The forgiveness may be based on the amount paid, rather than the 20-25 year payment history as with current plans. People who have not managed to pay full principal and interest over 10 years may NOT receive any forgiveness despite 20, 25, 30 or more years of payments.
Lot’s of details surrounding what you can do, what is working and what is not, and likely future changes to various programs. We offer strategy sessions to those who have more questions than answers. Please consider reaching out to us at 813-258-2808 or info@christiearkovich.com. You can also click on the link below to schedule a session. We may not be experts, but we have helped many people get forgiveness, settlements, or discharge.
