The entry “student loan debt” would seem to be an eminently appropriate definition for the term “slippery slope” in any dictionary of American idioms.
Millions of Americans from past generations likely feel as though they dodged a bullet regarding their pay-back duties to lenders following college graduation. Looking back, it might have seemed hard to ultimately put the fire out on those loans (and, for many people, it undoubtedly was), but the amounts owed on loans in decades past flatly paled in comparison to the stark amounts that now stare high numbers of graduates in the face.
Indeed, loan payback amounts sometimes loom as lifelong obligations for select borrowers. It hardly ranks as a notable story these days in Texas or elsewhere nationally when an ex-student is deemed to be in default on a student loan.
What happens then?
As noted in one recent article discussing federal student loan delinquencies, many former students in default are summarily finding out that their tax refunds are subject to seizure by government authorities. Federal law allows for that, pursuant to the Treasury Offset Program.
As some of our readers might have read in various media outlets, loan forgiveness on student debt is typically not as easy to obtain as is the case with other types of unsecured debt for any debtor seeking relief through a bankruptcy filing.
Nonetheless, it bears noting that any relief that is obtained on other debt exactions obviously frees up resources that can be applied toward the reduction of debts incurred for education.
A proven bankruptcy attorney can provide timely and relevant information to any person having questions or concerns about student debt or another debt-related matter.