0day updated free 920-235 study guide with 100% pass guarantee

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Exam Code: 920-235 Practice test 2022 by Killexams.com team
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Killexams : Nortel Configuration student - BingNews https://killexams.com/pass4sure/exam-detail/920-235 Search results Killexams : Nortel Configuration student - BingNews https://killexams.com/pass4sure/exam-detail/920-235 https://killexams.com/exam_list/Nortel Killexams : Student information

For students who are required to self-isolate due to COVID 19 infection, instructors must provide opportunities to make-up missed course work, including assignments, quizzes or exams. In courses with mandatory attendance policies, instructors shall not penalize students for missing classes while quarantined.

For any absences, students should contact their instructor or faculty member directly.

For more information regarding absences, review the Class Absence Policy in the University Administrative Manual.

Mon, 10 Aug 2020 23:14:00 -0500 en-us text/html https://www.unr.edu/students/
Killexams : CURRENT STUDENTS

STUDENT VALUES STATEMENT

Adopted by the Student Government Association


We as Blue Hens are part of a community of scholars that is committed to giving back and making a difference.  We create a community where diversity is essential, fearlessness is admired, and pride is born. Our legacy is built as we uphold these values defined by students for students:

Respect – We support the inherent right for all members of our community to have a voice and freely share their ideas. We acknowledge that an environment where there is mutual respect and dialogue leads to greater learning.

Openness – We believe that diversity is not enough. Diversity is acknowledging that differences exist. Openness means that we are accepting of learning from and engaging with all members of our community.

Innovation – We challenge all Blue Hens to be bold and creative as we strive for a better world. We will be committed to progress, while recognizing the value of past experiences. Our education provides us limitless opportunities to move ourselves and others forward.

Engagement – We will take an active role in the life of the university, both as learners and contributing community members. We know that true growth comes from being an active and engaged participant in our experiences.  

Mentorship – We seek to become visionary and passionate Blue Hens who understand our role in fostering society’s next generation of responsible and ethical leaders. We will build relationships that foster excellence, support, and accountability.

It is our responsibility as Blue Hens to enable and empower each other to attain these values. As Blue Hens, we are committed to these ideals and will work to hold one another accountable. Through this work, we are doing our part to ensure that “with a Daring Spirit Bold, Delaware Will Shine.”

Mon, 17 Aug 2020 08:47:00 -0500 en text/html https://www.udel.edu/students/
Killexams : How Do I Call Forward on Nortel 4.0 Norstar Phone Systems?

William Pullman is a freelance writer from New Jersey. He has written for a variety of online and offline media publications, including "The Daily Journal," "Ocular Surgery News," "Endocrine Today," radio, blogs and other various Internet platforms. Pullman holds a Master of Arts degree in Writing from Rowan University.

Mon, 17 Aug 2020 11:24:00 -0500 en-US text/html https://smallbusiness.chron.com/call-forward-nortel-40-norstar-phone-systems-56646.html
Killexams : 12 Useful Apps for College Students No result found, try new keyword!The smartphone is the new student planner – a virtual repository of dates, deadlines and important info. But unlike the traditional planner, there are options for countless add-ons in the form ... Mon, 17 Aug 2020 10:14:00 -0500 text/html https://www.usnews.com/education/best-colleges/articles/useful-apps-for-college-students Killexams : Student Loan Interest Rates

Student loan interest rates have climbed in the last year as the Fed has increased interest rates to combat inflation. Though rates have gone up, they are still currently some of the lowest we’ve seen in history. Before taking out student loans, there are important things to consider, particularly in this volatile economic climate.

Key Takeaways

  • All federal student loans are currently 0% interest and require no payments through Dec. 31, 2022.
  • Federal student loan interest rates are currently at very low levels.
  • Beginning July 1, 2022, federal student loan rates for undergraduate loans are 4.99%, graduate loan rates are 6.54%, and parent PLUS loan rates are 7.54%.

School Enrollment Trends

In fall 2020, colleges and universities opened their classrooms and dorm rooms again, with noticeable trends (both expected and unexpected) following soon after. Within the first few weeks of resuming classes, as expected, many schools had postponed sports, reported widespread quarantines, and switched in-person classes to virtual.

All months of payment suspension will count as “qualifying payments” for borrowers working toward forgiveness under the Public Service Loan Forgiveness (PSLF) program or on an income-driven repayment (IDR) plan. Borrowers who have worked for eligible employers and have either FFEL, Perkins Loans, or Direct Loans, need to submit a PSLF application by Oct. 31, 2022, to take advantage of a limited PSLF waiver that gives borrowers credit for pay periods that would normally not count toward the 120 qualifying payments they need to receive loan forgiveness.

Less expected were the trends with enrollment. Many thought that community colleges would see higher enrollment during the pandemic, but data showed that fall enrollment was up for some large public universities, while enrollment at community colleges that serve many low-income students was down as much as 30%.

In the spring of 2022, enrollment continued to exhibit worsening trends with total post-secondary enrollment falling to 16.2 million, a one-year decline of 4.1%. This follows a 3.5% drop in the year prior. The bulk of the drop was in undergraduate enrollment; 4.7% from the prior year. The amount of individuals enrolled in undergraduate programs is 9.4% smaller than before the pandemic.

Try to take out no more in student loans than what you expect to make in your first year out of school.

Student Debt Continues to Rise

Student debt continues to be an epidemic in our society. Since the 2007–2008 Great Recession, federal funding for public universities has decreased by 22%, while tuition costs have risen by 27%. This has led to student loan debt that has surpassed $1.6 trillion. The debt may get worse if the education system is forced to undergo more budget cuts and more unemployed Americans take advantage of low interest rates to go back to school.

Federal Student Loan Interest Rates

Beginning July 1, 2022, federal student loan rates for undergraduate loans are 4.99%, graduate loan rates are 6.54%, and parent PLUS loan rates are 7.54%. There is an origination fee of 1.057% for federal direct subsidized loans and direct unsubsidized loans, in addition to 4.228% for parent PLUS loans. This fee isn’t added to your repayment; rather, it’s deducted from your initial loan disbursement.

Private Student Loan Interest Rates

Private lenders set a range for interest rates. Your actual rate will be based on the creditworthiness of you and your cosigner. According to Bankrate, private student loan annual percentage rates (APRs) are currently:

Loan Type Fixed APR Variable APR
Undergraduate and Graduate 3.22% to 13.95% 1.84% to 13.85%
Refinance 2.99% to 9.93% 2.49% to 8.24%

How Is Student Loan Interest Calculated?

Federal student loans and most private student loans use a simple interest formula to calculate student loan interest. This formula consists of multiplying your outstanding principal balance by the interest rate factor and multiplying that result by the number of days since you made your last payment.

  • Interest Amount = (Outstanding Principal Balance × Interest Rate Factor) × Number of Days Since Last Payment

The interest rate factor is used to calculate the amount of interest that accrues on your loan. It is determined by dividing your loan’s interest rate by the number of days in the year.

How Are Student Loan Interest Rates Calculated?

Federal student loan interest rates for the fall are determined by the 10-year Treasury note auction every May, plus a fixed increase with a cap.

  • Direct unsubsidized loans for undergraduates: 10-year Treasury + 2.05%, capped at 8.25%
  • Direct unsubsidized loans for graduates: 10-year Treasury + 3.60%, capped at 9.50%
  • Direct PLUS loans: 10-year Treasury + 4.60%, capped at 10.50%

Private student loan interest rates are determined by each lender based on market factors and the borrower’s and cosigner’s creditworthiness. Most private lenders also offer a variable interest rate, which typically fluctuates monthly or quarterly with overnight lending rates such as the Secured Overnight Financing Rate (SOFR).

While federal student loans don’t take into account credit scores and income, these factors play a big role in private lenders’ decisions. Students who don’t meet lenders’ credit requirements will need a cosigner. The 2017 Annual Report of the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman noted that more than 90% of private student loans were made with a cosigner; however, even if you don’t have a good credit score or cosigner, there are lenders that offer student loans for bad credit and student loans without a cosigner.

What Are Current Student Loan Interest Rates?

Federal student loan rates beginning July 1, 2022:

  • Direct subsidized and unsubsidized loans for undergraduates: 4.99%
  • Direct unsubsidized loans for graduates or professional borrowers: 6.54%
  • Direct PLUS loans for parents and graduate or professional students: 7.54%

The Bottom Line

With federal student loan rates still relatively low when compared to historic levels, now might be a good time to take out a student loan. Always exhaust all your options for federal student loans first by using the Free Application for Federal Student Aid (FAFSA) form, then research the best private student loans to fill in any gaps. Whether you choose federal or private loans, only take out what you need and can afford to repay.

If you have private student loans, this may be a great time to refinance. All of the best student loan refinance companies are offering competitive rates and can cater to unique debt situations.

Thu, 13 Aug 2020 02:07:00 -0500 en text/html https://www.investopedia.com/student-loan-interest-rates-5069743
Killexams : Welcome to One Stop Student Services

The mission of the One Stop is to provide a single point of professional integrated service to students. The One Stop serves students who need assistance with academic records, financial aid, registration, student accounting, ONE card, and other related topics. Use the links below to make an appointment, check your financial aid status, or request academic transcripts.

Request Academic Transcripts

You may request an official academic transcript ($10 fee) or an unofficial academic transcript ($5 fee), both of which list all the classes you have taken and the grades you received.

Academic Deadlines & Events

Thu, 13 Aug 2020 06:04:00 -0500 en-US text/html https://www.uab.edu/one-stop/
Killexams : Division of Student Affairs

Our values represent beliefs and principles that drive the culture and priorities of the Division of Student Affairs and provide the crucial framework under which decisions are made.

Student Development

Creating services, environments, and programs that develop students along intellectual, cognitive, social, moral, and identity dimensions.

Personal and Social Responsibility 

Educating students to strive for excellence, cultivate personal and academic integrity, contribute to a larger community, take seriously the perspectives of others and develop competence in ethical and moral reasoning and action.

Holistic Wellness

Cognitive, cultural, emotional, environmental, financial, physical, social, and spiritual wellness is the prerequisite for student success.

Diversity

A diverse and international community that includes and respects different ethnicities, genders, sexualities, abilities, cultures, and world-views multiplies our capacity to advance student success.

Engagement

An engaged student body cares about the community, fully participates in the life of the university, connects classroom content to real-life situations, and integrates learning into their understanding of the world around them. Engaged students perform better academically and persist to graduation.

Fri, 17 Dec 2021 19:59:00 -0600 en text/html https://www.uwyo.edu/studentaffairs/
Killexams : Officials: Body of missing student located on Orlando lake

The search for a missing middle school student in Lake Fairview came to a heartbreaking end after Orlando Fire reported the body was found at 5:15 p.m. Friday. The student was thrown overboard Thursday evening while rowing on the lake with four other middle schoolers. Another child was sent to the hospital.The last three students were able to go home to their families.A memorial of flowers has been growing outside North Orlando Rowing throughout the search. The group of five was practicing rowing on Lake Fairview before sundown when there were reports of a lightning strike in the area. The boat capsized. Orlando Fire and Police, Orange County Fire and Rescue, Orange County Sheriff's Office and Seminole County Sheriff's Office worked together. WESH 2 learned that the student who was missing attended Annunciation Catholic Academy. The principal of the school sent out an email to families Thursday night saying they would have extra counselors at the school Friday to support students and staff.North Orlando Rowing declined to speak with WESH 2, but posted a message on Facebook that read, "The rowers, their families and coaches of North Orlando Rowing are devastated. We are working through this as we always do, as a team. We don't know all the details; when we know more, we will share. We ask for privacy and respect during this difficult time." Officials have not yet released information on the condition of the student who was sent to the hospital.

The search for a missing middle school student in Lake Fairview came to a heartbreaking end after Orlando Fire reported the body was found at 5:15 p.m. Friday.

The student was thrown overboard Thursday evening while rowing on the lake with four other middle schoolers. Another child was sent to the hospital.

The last three students were able to go home to their families.

A memorial of flowers has been growing outside North Orlando Rowing throughout the search.

The group of five was practicing rowing on Lake Fairview before sundown when there were reports of a lightning strike in the area. The boat capsized.

Orlando Fire and Police, Orange County Fire and Rescue, Orange County Sheriff's Office and Seminole County Sheriff's Office worked together.

WESH 2 learned that the student who was missing attended Annunciation Catholic Academy.

The principal of the school sent out an email to families Thursday night saying they would have extra counselors at the school Friday to support students and staff.

North Orlando Rowing declined to speak with WESH 2, but posted a message on Facebook that read, "The rowers, their families and coaches of North Orlando Rowing are devastated. We are working through this as we always do, as a team. We don't know all the details; when we know more, we will share. We ask for privacy and respect during this difficult time."

Officials have not yet released information on the condition of the student who was sent to the hospital.

Fri, 16 Sep 2022 04:36:00 -0500 en text/html https://www.wesh.com/article/body-of-missing-student-located/41254022
Killexams : Student Loans

Until September 2017, these were available to undergraduates and graduates with particularly high financial need. Students borrowed money from, and repaid it to, their school. Those with outstanding Perkins loans who work in public service careers may be eligible for Perkins loan forgiveness.

Sat, 15 Aug 2020 19:38:00 -0500 en-US text/html https://www.nerdwallet.com/hub/category/student-loans
Killexams : How to File for Student Loan Bankruptcy

What Is Student Loan Bankruptcy?

You may have heard that student loans cannot be discharged in bankruptcy. That statement oversimplifies the truth. You actually can get student loans discharged in some cases, but the bar is higher, and the process is more burdensome than it is for other types of debt.

Filing for bankruptcy to discharge student loans may get easier, though, if a recently introduced bipartisan bill is passed. The Fresh Start Through Bankruptcy Act of 2021, by Senators Dick Durbin (D.-Ill.) and John Cornyn (R-Texas), would restore the ability of borrowers with federal student loans to seek a bankruptcy discharge for their loans 10 years after the first loan payment comes due.

It would also make it possible to retain the existing undue hardship discharge option for private student loans and for federal student loans that have been due for fewer than 10 years.

Key Takeaways

  • Under U.S. bankruptcy law, student loans are significantly harder to get discharged than other types of unsecured debt, but it is sometimes possible.
  • Getting student loans discharged in bankruptcy requires an extra step to file an "adversary proceeding."
  • Before declaring bankruptcy, make sure you have considered all the alternatives, such as deferment, forbearance, and income-driven repayment.
  • A bankruptcy specific to student loans does not exist.
  • The IRS may keep any tax refund and apply it to your federal loans if they are in default.

How Student Loan Bankruptcy Works

If you’re considering student loan bankruptcy, falling behind on your payments will have a major impact on your life. Perhaps your wages have been garnished because a lender took out a judgment against you. The federal government may have kept your tax refund and applied it to your federal student loans because they were delinquent or in default.

Your student debt is probably just one component of the financial challenges you are currently facing. If student debt is your only problem, you are unlikely to succeed in getting it discharged through bankruptcy. Filing for student loan bankruptcy is not easy and does not guarantee that you will walk away debt-free. But if your credit is shot, bankruptcy could be a faster path to financial health than continuing to struggle to pay your debts.

There is no special type of bankruptcy called student loan bankruptcy. Succeeding in having student loans discharged through bankruptcy involves filing Chapter 7 or Chapter 13 and then taking an additional step, which is filing an adversary proceeding or AP. The AP must be filed to have your student loans considered for discharge.

Decide How You Are Filing

Before you can petition a judge to discharge your student loans, you must file for Chapter 7 or Chapter 13 bankruptcy. This requires completing extensive paperwork and disclosure of your assets, income, debts, and expenses. The bankruptcy court will assign an impartial trustee to meet with your creditors to confirm your debts. You must also undergo credit counseling before court proceedings can begin.

Declaring bankruptcy can help people catch up when they’ve fallen behind on their finances by halting collection activities and stopping the downward debt spiral. Once you file bankruptcy, debt collectors must leave you alone until the court permits them to resume collections or until your case is complete. In addition, wage garnishment must stop.

Chapter 7 Bankruptcy

In a Chapter 7 bankruptcy or liquidation, the trustee will sell off your nonexempt assets. Exempt assets vary by state but often include your primary home, a sensible vehicle, and your possessions. The trustee uses the proceeds to pay your creditors as much of your debt as possible, and the court discharges the rest.

To file Chapter 7, you must not have had another Chapter 7 bankruptcy discharged in the past eight years. Also, your current monthly income must fall below the state median or must pass a means test. Certain debts cannot be discharged, such as taxes, alimony, and child support. The whole process can be over in a few months, depending on the complexity of your case. Once your case is complete, you can file for student loan discharge.

The Biden administration extended the pause on federal student loan repayments through Dec. 31, 2022.

Chapter 13 Bankruptcy

People turn to Chapter 13 bankruptcy when they can’t pass the Chapter 7 means test or don’t want to lose their home to foreclosure, which can happen if they have significant equity in the property. Chapter 13, which the U.S. bankruptcy code calls “adjustment of debts of an individual with regular income,” is also known as a reorganization.

Chapter 13 entails creating a repayment plan that uses up to 100% of a debtor’s disposable income to repay creditors within three to five years. Repayment is supervised by the trustee, who collects a monthly payment from the debtor and redistributes it to the creditors as outlined in the repayment plan.

The bankruptcy court will determine your new monthly debt payments, including your new student loan payment, based on your circumstances. Chapter 13 might help you if you’re struggling to pay student loan debts, and you can’t lower your monthly payment any other way. This might be the case if you have private student loans, which offer fewer options than federal loans when it comes to repayment.

Filing for Student Loan Bankruptcy

In addition to considering which type of bankruptcy is more suitable, there are additional factors to consider before pursuing a bankruptcy filing.

  • You could end up owing more on your loans. There can be major drawbacks to using Chapter 13 bankruptcy to get student loans under control. The bankruptcy court will decide how much you will pay each of your creditors each month. If you have other debts that are legally categorized as a higher priority than student loans, you could end up accruing additional interest on your student loans if the court lowers the size of your payments.
  • You shouldn't file if your only debt is your student loan. The Department of Education takes a dim view of this, noting, for example, that it could indicate an intentional strategy to avoid repaying your student loans. If you have no other debt, you are not likely to win your case. Student loan discharge is reserved for people whose circumstances are beyond their control.
  • Success could depend on which type of loan you have. You may have a better chance of discharging or settling a private student loan in bankruptcy than a federal student loan. The reason is that federal student loans offer income-driven repayment plans while private student loans do not. Many courts may conclude that if you qualify to participate in this kind of plan, you should be able to repay the debt.
  • Filing costs money. You must pay court filing fees unless the court waives them, and it’s wise to have a bankruptcy lawyer with a track record of getting student loan debt discharged. However, if you can afford an attorney, the court might find that your circumstances aren’t dire enough to warrant a student loan discharge. Look for a lawyer that might take on your case pro bono (for the good) or for a fee the court would find acceptable (visit the American Bar Association or your state bar association's website to find a lawyer).

Bankruptcy remains on your credit history for up to 10 years. If your credit score was good before you filed, it can take a serious hit after you file.

The Additional Step: Filing an Adversary Proceeding

Here's where things get more complicated. As stated earlier, just filing for bankruptcy under either Chapter 7 or Chapter 13 is not enough to have your student loans discharged. You must take the additional step of filing an adversary proceeding.

Under the U.S. bankruptcy code, an adversary proceeding is “a proceeding to determine the dischargeability of a debt.” In other words, it's a lawsuit within a bankruptcy case. Included in the adversary proceeding paperwork is "a complaint." The complaint includes administrative details, such as your bankruptcy case number, along with the reasons you are seeking to discharge your student loans in bankruptcy—the circumstances of your undue hardship.

This additional step is necessary because student loans and a few other types of debt have stricter requirements for discharge than credit card debt, for example. These requirements are described in section 523(a)(8) of the U.S. bankruptcy code. The key wording that relates to the discharge of student loans is: “A discharge under...this title does not discharge an individual debtor from any debt...unless excepting such debt from discharge under this paragraph would impose an undue hardship on the debtor and the debtor’s dependents." Note the words "undue hardship," which is discussed below.

When to File an Adversary Proceeding: Chapter 7

If you choose to file for Chapter 7, you can file the adversary proceeding right after filing your bankruptcy case. If you've already gone through Chapter 7 bankruptcy and your case has been closed, you may still be able to file an adversary proceeding to get your student loans discharged. How much time you have to do so depends on where you live and the courts.

If your Chapter 7 case is already closed, you must first move to reopen your bankruptcy case. This is procedural and does not restart the bankruptcy or eliminate the discharge you may already have received for your debt.

When to File an Adversary Proceeding: Chapter 13

In a Chapter 13 bankruptcy, when you can file an adversary proceeding also depends on the bankruptcy court rules where you live. Regardless of when you file, your student loan nightmare will not be complete if you win the adversary proceeding. That's because you have to wait until you've completed the necessary Chapter 13 plan payments and earned your discharge order for your other debts before your student loans will be discharged.

If you are allowed to file the AP early in your case, you might get the proceeding over with sooner and obtain a decision on your student loans. The table below compares Chapter 7 and Chapter 13 bankruptcy.

Comparing Bankruptcy Options
  Chapter 7 Chapter 13
Who can file Current monthly income must fall below the state median or must pass a means test Must have enough disposable income to make debt payments over three to five years; total secured and unsecured debt must not exceed $2,750,000
Relief available Collection activity stops; all debts wiped out except those the court deems nondischargeable and those that are never dischargeable, such as taxes and child support  Collection activity stops; can stop foreclosure and deliver you more time to catch up on mortgage payments; remaining balance on unsecured debts discharged after completing repayment plan on priority and secured debts
Timeframe for basic bankruptcy proceeding As little as a few months 3 to 5 years
Timeframe for possible student loan discharge As little as a few months 3 to 5 years
Cost Court filing fees + attorney fees + assets you're required to deliver up Court filing fees + attorney fees + assets you're required to deliver up
Effect on credit  Can stay on credit report for up to 10 years 7 years after discharge; some creditors may view Chapter 13 more favorably than Chapter 7
Assets you get to keep Varies by state Varies by state

Table Sources: United States Courts and Experian

Undue Hardship and Student Loan Discharge

To succeed in having your student loans discharged, you must demonstrate that not having them discharged would cause you to experience undue hardship. For a bankruptcy court to take your side, you will have to meet specific conditions. The problem is that there is no uniform set of conditions.

However, your student loan creditors—which may include lenders, servicers, and collection agencies, depending on the types of loans you have and how far behind you are on payments—must also meet specific conditions. They must satisfy the “preponderance of the evidence” standard, a high standard that requires them to prove that their claims against you are valid. They must also prove that your loans meet the conditions of section 523(a)(8).

The Brunner Test

Most states use the Brunner test to determine what constitutes undue hardship. It's based on the 1987 case Marie Brunner v. New York State Higher Education Services Corp. This case was heard in the United States Court of Appeals, Second Circuit. Marie Brunner represented herself and lost. Essentially, the test assesses a person's current financial situation, their foreseeable future situation, and whether they have made a good faith effort to repay their loans.

The reasons for Brunner's loss are evident in the appeals court findings. She wasn't disabled or elderly, she had no dependents, and there was no evidence of a "foreclosure of job prospects" in her field—all things that might have prevented her from finding work. In addition, only 10 months had elapsed since her graduation; she had applied for discharge within a month of the due date of her first student loan payment, and she had not requested a deferment, "a less drastic remedy available to those unable to pay because of prolonged unemployment."

The Totality of Circumstances Test

A few states (specifically, those in the Eighth Circuit) use the totality of the circumstances test. It might seem that this is an easier standard to meet because it doesn't consider whether you’ve made a good-faith effort to repay your loans, such as consistent attempts to obtain employment, maximize income, and minimize expenses. However, the totality of the circumstances test also includes an “any other relevant facts and circumstances” component that could be broadly interpreted.

Under either standard, the bar to clear is high, especially for federal student loans, for which the government specifically states that the burden of proof is on the debtor to prove undue hardship.

What Really Constitutes Undue Hardship?

Those cases where borrowers have succeeded in having their student loans discharged are insightful. Specifically, a court might agree that repaying your loans would be an undue hardship if you can’t maintain a minimal standard of living for yourself and any dependents if the hardship will continue throughout the loan’s repayment period and if you sincerely tried to repay your loans before filing bankruptcy.

What does a court consider a minimal standard of living? Again, case law and some common sense can be a guide. It might mean:

  • Your income has been below the federal poverty level for several years and doesn’t show signs of improving.
  • You’re on public assistance or dependent on a family member.
  • You have a debilitating mental or physical illness or permanent injury.
  • You have a child with a serious illness who requires round-the-clock care.
  • Divorce reduced your family income with no hope of it returning to its previous level.
  • Disability checks are your only source of income.
  • You depend on public assistance to support your children.
  • You support a spouse who was seriously and permanently injured in a car accident or who has developed a total disability.

The common thread in these examples is that your situation is unlikely to Improve in a way that would allow you to repay your debt. In addition, your expenses, which the bankruptcy court will scrutinize, should include only reasonably priced necessities, not luxuries or nonessential purchases such as restaurant meals, brand-name clothing, and vacations—not even giving money to your independent adult child.

Federal Loans and Hardship

Your student loan holder may choose not to oppose your petition to have your loans discharged in bankruptcy court if it believes your circumstances constitute undue hardship. Even if your loan holder doesn't, it may still choose not to oppose your petition after evaluating the cost of undue hardship litigation.

Borrowers who have worked for eligible employers and have either FFEL, Perkins Loans, or Direct Loans, need to submit a PSLF application by Oct. 31, 2022, to take advantage of a limited PSLF waiver that gives borrowers credit for pay periods that would normally not count toward the 120 qualifying payments they need to receive loan forgiveness.

For federal loans, the Department of Education allows a loan holder to accept an undue hardship claim if the costs to pursue the litigation exceed one-third of the total amount owed on the loan, including principal, interest, and collections costs. Private student lenders are likely to apply similar logic.

Special Considerations

If you plan to claim undue hardship for federal student loan repayment based on physical or mental impairment, you may not need to go to bankruptcy court. You may qualify for automatic discharge under Total and Permanent Disability Discharge.

Other circumstances where you might avoid bankruptcy court and apply for administrative discharge are death, a closed school, a false certification, an unpaid refund, and borrower defense to repayment.

Forbearance, deferment, and loan rehabilitation are the other options for managing difficult federal student loan payments.

In addition to student loan forbearance, the White House responded to the 2020 economic crisis by announcing debt cancellation for certain student loan borrowers, including:

  • Up to $20,000 for those who received Pell Grants through the Department of Education
  • Up to $10,000 for non-Pell Grant recipients

The income for individuals and married couples cannot exceed $125,000 and $250,000, respectively. The administration also promised to make changes to the student loan program for future and current borrowers by cutting monthly payments in half and fixing the Public Service Loan Forgiveness program. There are also plans to work with colleges to reduce the cost of higher education.

Keep in mind that the American Rescue Plan includes a provision that makes all student loan forgiveness from Jan. 1, 2021, to Dec. 31, 2025, tax-free.

Frequently Asked Questions

Can You Get out of Student Loans Through Bankruptcy?

Yes, it is possible to get out of student loans through bankruptcy, though not always guaranteed, and is a complicated process with adverse consequences. Before deciding to get out of student loans through bankruptcy, seek counsel from appropriate sources, and if student loans are your only financial burden, then it is better not to try and get out of them through bankruptcy.

How Can I Get Rid of My Student Loans?

There is no simple way to get rid of your student loans other than paying them off. There are a variety of programs and resources that help individuals manage their student loan debt burden as well as programs to help individuals that are having difficulty paying their loans off. If you think you may have trouble paying your student loans, contact your lender to help you work through the burden.

Can Student Loans Be Discharged After 10 Years?

Yes, for eligible borrowers, student loans can be discharged after 10 years if the borrower meets the specified requirements.

The Bottom Line

Going through the bankruptcy process doesn’t guarantee a specific result, especially since judges will use their unique experience and perspective to inform their decision on your case in addition to past decisions on other cases. Judges will also rely on the outcomes of previous cases that may be similar to yours. That means the court may or may not rule to discharge your student loans.

The outcome of your case will also depend on how your student loan creditors handle it—whether they agree that you’re facing undue hardship and whether it’s worth their money to go to court. These are big companies with attorneys to represent them, which is a good reason to have an attorney representing you.

In the best-case scenario, the bankruptcy court sides with you and agrees that repaying your student loans would cause undue hardship, so all your loans are fully discharged. The worst-case scenario is that you lose your case and still have to repay everything you owe, which may now include collection costs, the additional interest that has accrued, court fees, and attorney fees. Alternatively, you might have your loans partially discharged—or you might get your loans restructured with terms that make them easier to pay back.

Remember, bankruptcy is for people who are in dire need of relief from a serious financial burden. Student loans might only be part of that picture, albeit a significant role, and they require an extra step to be considered for discharge in bankruptcy.

Bankruptcy can be an effective way to escape crushing debt if you have a good case. If you don’t, it can be a waste of time, and resources would be better spent pursuing more realistic ways to manage your debt.

Fri, 09 Sep 2022 06:34:00 -0500 en text/html https://www.investopedia.com/how-to-file-student-loan-bankruptcy-4772237
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