Each year, millions of Americans seek financial assistance from the government and private companies to help them afford undergraduate and graduate education. Unfortunately, many new graduates find themselves struggling to make even the minimum payments to their creditors.
While filing for Chapter 13 or Chapter 7 may be the best option for some debtors, the new Pay As You Earn repayment plan is an affordable alternative to bankruptcy for many struggling former students. The Pay As You Earn student loan plan caps payments for federal student loans at 10 percent of a consumer’s discretionary income and has allowed 1.6 million Americans to effectively reduce their monthly payments. If you are not eligible for Pay As You Earn, you may still qualify for Income-Based Repayment.
To learn more about how to make your student loan payments affordable, call Milwaukee bankruptcy attorney Michael Burr at Burr Law Office at (877) 891-1638. Whether you have debt from student loans, credit cards, or medical bills, our attorneys will help you find the best solution to pay down, eliminate, or settle your debt.