Hinson Hazelwood College Student Loan Program

Hinson Hazelwood College Student Loan Program

Hinson Hazelwood College Student Loan Program

Few undergraduates would make it through university without borrowing money. According to FinAid, 86.3% of 4-year undergraduate students had to take out a federal or private student loan to meet the cost of their education. Although the cost of borrowing tends to be relatively low, it can take several decades to pay off college debt. A student loan cancellation program involves a public service commitment that rewards that person by paying off student debt more quickly.

Is Bankruptcy a Viable Student Loan Cancellation Program?

Although a way of eliminating many varieties of unsecured debt, student loan bankruptcy is not an option for most people. The exception to this overriding rule is if an illness, injury or disease affects that person's long-term earning potential or renders them incapable of working. This is because making debt repayments would bring considerable financial hardship on a family. Only a small percentage of people will be able to eliminate college loan debt or achieve any student loan reduction by declaring bankruptcy.