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Bankruptcy Shift to Allow Discharge of Student Loans – Would it make a big difference?
The short answer is no. Here’s why… If laws are changed to what they are considering it would only affect private student loans. 85% of student loans are government student loans meaning that they would not be discharged anyways. So then 15% of student loans could be discharged? Not quite.
Many private student loans, are parent co-signers or some other person as a co-signer. That means that not only the student, but also the person whom co-signed for the loan, would have to file bankruptcy in order for the loans to be discharged. The chances of both people filing bankruptcy to get rid of the debt is unlikely. Therefore, the only result would be students who have private loans that are not co-signed by anyone else. That pool of people is drastically smaller than originally suspected.
St. Charles Office
1861 Sherman Drive
St Charles, MO 63303
Phone: 636-916-5400
At Hwy 94 and Hwy 70.
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St. Louis Office
3470 Hampton Ave, Suite 101
St. Louis, MO 63109
Phone: 314-353-0834
Close to the corner of Hampton Ave and Chippewa. By appointment only.
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South & Jefferson County office
7321 S. Lindbergh Ave., Suite 222
St. Louis, MO 63125
Phone: 636-916-5400
Across the South County Mall.
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Florissant Office (North County)
1281 Graham Rd, Suite 300
Florissant, MO 63031
Phone: 314-921-1880
At North Hanley and Hwy 270.
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Belleville Office (St. Clair county)
2 Park Place Professional Centre
Belleville, Illinois 62226
Phone: 618-977-9560
On Hwy 159, next to Schnucks.
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Granite City Office (Madison County)
3600 Nameoki Rd, Suite 201
Granite City, IL 62040
Phone: 618-977-9560
Across Shop'n Save, by appointment only.
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