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Student Loans Increase 149% in 10 Years

According to an article from ACA International, the credit reporting agency, Experian recently conducted a study which found that student loan debt has increased to an all-time high of $1.4 trillion. “And while student loan debt has surpassed home equity loans/lines of credit, credit card and automotive debt, the percentage of consumers with delinquent student loans has declined from 9.9 percent in 2009 to 8.9 percent in 2017.” Student loans are usually very difficult to discharge in a bankruptcy because an undue hardship has to be shown, and the courts have made this standard a very high hurdle to overcome. If you are having difficulty with repayment of a student loan, it is usually going to be a better approach to contact your lender to see if you qualify for an Income Based Repayment Plan rather than trying to qualify for an undue hardship in bankruptcy.