It remains unclear whether the student loan repayment pause will be extended by President Biden. Two primary economic concerns urge the delay of payments past Feb. 1: Rising Omicron cases could jeopardize workers’ return to work, and given the pandemic-exacerbated racial disparities, borrowers of color will face ‘undue hardship’ if payments are restarted too soon.
If that’s the case, the organizations recommend four additional protections for student loan borrowers:
- Continue to waive interest for all borrowers;
- Return all borrowers in default on their debt to good standing to avoid financial penalties;
- Ensure all borrowers are aware of the process to apply for an income-driven repayment plan;
- Announce and implement provisions, like offering a grace period to prevent borrowers from immediately becoming delinquent on their debt.
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For borrowers who are struggling with student loan debt, many options are available. Student loan holders are often unaware that they have rights and repayment options available to them. There are ways to file for bankruptcy with student loan debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.
