However, chances are, if you’re reading this web page, you’re one of the people suffering from student loan debt in Cleveland, and you’re stressed.  Luckily, there are options.  Some of them are not as good as they ought to be, but some of them can be great for the right people, and one or more of them might apply in your case.

Here are some of them:

• Repayment options for federal student loans (Direct Loans, Stafford Loans, PLUS loans, and Consolidation Loans under some circumstances)

• Standard Repayment Plan (minimum $50/mo payment, full arrearage must be paid off within 10 years)

• Graduated Repayment Plan (lower initial payment that increases with time, full arrearage must be paid off within 10 years)

• Extended Repayment Plan (payments can be fixed or increasing with time, full amount must be paid off within 12-25 years)

• Income-Based Repayment Plan or IBR (you surrender 15% of your disposable income or “beer money” for up to 25 years, and are forgiven any remaining balance)

• Income-Contingent Repayment Plan or IBC (payment is recalculated every year based on various factors for up to 25 years, and any remaining balance is forgiven)

• Income-Sensitive Repayment Plan (payment is recalculated every year based on annual income)

Student Loan Debt Bankruptcy in Cleveland, Ohio

If you’re a former student suffering from student loan debt and think you might need a lawyer, give me a call at 216-526-0309 for a free, no-obligation consultation. I’ll be happy to go over your current debt with you and see if bankruptcy is the right option for you. It never hurts to get a second opinion.