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10. After 25 years of repayment the remaining balance was forgiven. In 1996 the Debt Collection Improvement Act of 1996 allowed Social Security benefit payments to be offset to repay defaulted federal education loans. 11. In 1998 the Higher Education Amendments of 1998 struck the provision allowing education loans to be discharged after 7 years in repayment. 12. In 2001 the US Department of Education began offsetting up to 15% of social security disability and retirement benefits to repay defaulted federal education loans. In 2005 "the law change" as we call it in the Bankruptcy field further narrowed the exception to discharge to include most private student loans. Since private student loans were given protection from discharge in bankruptcy there has been no reduction in the cost of those loans.
Because we know that borrowing to attend college is not going away steps to offset the bite of borrowing to attend college should be taken as far in advance as possible to reduce and manage your debt. Here are some steps to you can take to ensure you are borrowing responsibly. 1. Avoid Falling into The Loan Trap - If at all possible avoid borrowing; however if you are like most students attending college you have no other choice but to do so. When it comes time to borrow do not be tempted to borrow the full sum available to you personally on the loan loan of the loan doing so can give you a false sense of financial security. Often when you get the maximum amount of a student loan it is usually more than you can afford to repay. This usually happens when students take out a need-based loan.
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Other college loans are ineligible: Private student loans. The income-based repayment program applies only to federal student loans. If youre having problems meeting the monthly payments on your private student loans you should contact the lenders to see if theyre willing to work out more affordable repayment plans for you. Keep in mind though that private student loans typically have less flexible repayment options than federal student loans. Federal PLUS loans. If your parents took out PLUS parent loans to help you pay for college they wont be able to take advantage of income-based repayment on their PLUS loans. Consolidation loans that included PLUS parent loans are also excluded from income-based repayment. Any Grad PLUS loans you took out as a graduate student however as well as consolidations of Grad PLUS loans are eligible.