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If a person files for personal bankrutsy they can try to include students loans. If the loans are from the federal government.....they are much more difficult to dimiss in bankruptsy court (most often they are not). Federal student loans will not be removed from your credit report (unless you were lucky and wiped them out in bankruptsy court) they will stay there until paid. The federal government will garnish wages, take your tax returns, freeze your bank accounts and even garnish your social security check when you retire until all loans are paid in full. Other loans through non federal agencies will be forgiven.....eventually.
Wiki User
∙ 13y ago
Wiki User
∙ 10y agoThe short answer is no. After 25 years and you still have a student loan, your student loan turns into a living being. This living being then becomes your step-dad. Then, after your 50th birthday, the student loan eats your mom and you, and you become another student loan, destined to be put on someone.
Wiki User
∙ 12y agoIf you're asking if it CAN be forgiven... yes, it can.
If you're asking if there's some law that says it MUST be forgiven ... no. (Though usually 25 years of payments would pay it off completely, unless you've missed or deferred a lot of payments.)
It is unusual for a student loan debt to be forgiven. By law, they're not normally discharged even in bankruptcy proceedings. There are a few circumstances in which they can be, such as if you die or are totally and permanently disabled, or in some cases if you become a teacher or do some other kind of "public service" work (such as the Peace Corps, military, or as a nurse, medical technician, law enforcement or corrections officer). Many of these have a limit on the total amount that will be forgiven, which may be less than the total amount, and require that you have made at least ten years worth of payments already (and aren't in default).
Wiki User
∙ 12y agoIn general, student loans are not forgiven regardless of age.
Wiki User
∙ 14y agoUnfortunately, no they are not.
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Government Loan Forgiveness For Students?
In this day and age, there are various government loan forgiveness programs and opportunities available. A student who makes regular payments on a loan for over 25 years is eligible for forgiveness. Someone who becomes injured or suffers some from some other situation can have the same thing happen. A student or former student should always look into these opportunities. Without a doubt, most people would love to have their loans forgiven at some point.
How long before outstanding student loans are forgiven?
It doesn't matter how long you had the loan, you have to pay it back unless you are disabled, a teacher in low-income schools, part of the peace corps, or the school forged your signature.If you have a federal direct student loan you can go on an income-contingent plan that will forgive loans after 25 years in repayment.25 years is the max---Never default on the loan.Many payment plans out there.Once you default you can never arrange and special payment plansThanks Casey Mahoney
What if my son can't pay his 121000 and rising due to what should be illegal interest student loan?
Sign up for income based repayment. After paying for 25 years, the balance is forgiven. There are also options for student loan forgiveness requiring fewer years of repayment for people who work in medical fields, teaching, for non-proft companies etc. Get a hardship deferral for a certain amount of time. BEst not to default on it though. CAll up the loan company and work some sort of payment plan out.
Husband didn't work for years, I supported him a son for years. Now there is a student loan out in my name.Husband only pd. his student loan.My student loan is 25 yrs.old and was for $10,000-today I STILL OWE $11,000-WILL THE JUDGE MAKE HIM PAY IT ?
If the loan is 25 years old and you have a low enough income, you may qualify for loan forgiveness under a new federal program that began in July. Go to IBRinfo.org If this is your student loan, as your question suggests, then paying for it is your responsibility, whether or not you believe he should pay for it. It's important to note too that student loans do not go away, they are protected from bankruptcy so the more quickly you pay it off the better off you will be.
Is your Government student loan forgiven after 25 years if its been taken out of your federal income tax every year since then?
They will take money til They are satisfied. If you did not negotiate a payment schedule and stick to it when you were first contacted, you wil have no idea how much interest and penalties were assessed against you.You may need some professional debt resolution.
Is there any kind of assistance or program that helps you pay off your student loans?
No, but there are student loan forgiveness programs. You can read about them at www.defaultms.com/loan_forgiveness.html Actually there are many programs out there to assist you in paying your student loans. Income Based Repayment is an option that keeps your monthly payment amount to no more than 15% of your income minus an allowance based on your family size. After 25 years in this program any remaining balance is forgiven. If you happen to work in Public Service such as for a non-profit, a federal or state job (police, some teachers, firefighters etc..) and make ten years worth of qualifying payments any remaining balance is forgiven. I do regulatory compliance work at American Student Assistance, a company that assists borrowers with education debt. You can find out more about these programs at http://www.asa.org/loan-help/options/default.aspx
What is the percent they can garnish on a student loan?
In the U.S., 15% of your wages is the guideline, but I have seen up to 25%.
Can student loan companies repossess or put a lien on your mobile home if you go into default on those student loans?
In the US, student loan collection companies will garnish wages and keep tax return refund checks. They do not reposses homes or property. A great program that started this past July 1 is the income based repayment plan. If you consolidate your loans, you can opt in for this repayment program. Your payment can be as low as $0 a month, based on income and # of dependants. You also have the balance forgiven after 25 years of repayment, even if you have hardly paid any of it. If you want help with the consolidation of your loans, click on the link below.
What is federal loan consolidation?
In the US, the Federal Consolidation loan Program has many benefits. It allows you to combine all the student loans you currently have into one new student loan. The interest rate you receive is based on a weighted average of the interest rates on the underlying loans. The interest rate on student loans just went down to around 2.75% on July 1, 2009. By consolidating, you will lock in the low rate for the life of the loan. You keep your right to deferment and forbearance if you need them. If you die before finishing repayment, the loans will be forgiven. Another great program that started this past July 1 is the income based repayment plan. If you consolidate your loans, you can opt in for this repayment program. Your payment can be as low as $0 a month, based on income and # of dependants. You also have the balance forgiven after 25 years of repayment, even if you have hardly paid any of it. If you want help with the consolidation of your loans, click on the link below.
How do you expunge a student loan?
If by "expunge" you mean remove it from a credit report, then you pay the debt owed or wait until it drops off the report after the required 7 years (not applicable if a judgment is in place). If what is meant is have a student loan debt forgiven or cancelled that is only possible in extreme cases where the debtor has been deemed either mentally and/or physically disabled to the point where he or she will never have enough income to repay the loan.
What happens to your student loan once you retire?
You never have any student loans left once you are retired. This is because your student loans need to be paid off when you are 50 years (or sooner if possible). If you are granted a student loan you will be told this and they will help you set up a payment plan. PS: This is how it works in Sweden where I live. Since I don't know where you live I can't specifically help you, but I assume that its equal in many other countries. In the USA, a Federal student loan must be repaid, whether you are retired or not. There is no statute of limitations on Federal student loans, unless you are signed up to the IBR repayment program. If IBR, then a limitation of 25 years is in place.
Can the government take your car if you default on your student loan?
No, the government does not reposses property for defaulted student loans. A great program that started this past July 1 is the income based repayment plan. If you consolidate your loans, you can opt in for this repayment program. Your payment can be as low as $0 a month, based on income and # of dependents. You also have the balance forgiven after 25 years of repayment, even if you have hardly paid any of it. If you want help with the consolidation of your loans, click on the link below.
