Spiraling levels of student loan debt, coupled with a difficult graduate job market, regularly mean that making repayment is not possible. According to the National Center for Education Statistics, the average debt amongst graduating seniors was $23,186 in 2007-2008. Other than in exceptional circumstances, it isn't normally possible to clear college loan debt through bankruptcy. This means that is important to find a way to make payment as defaulting on student loan repayments is not really a viable option.

Student Loan Default

Under section 435 of the Higher Education Act, a Federal Family Educational Loan (FFEL) is considered to be in default once payment hasn't been received for 270 consecutive days. A statutory requirement exists whereby the lender must demonstrate due diligence - show a concerted effort to contact the borrower and inform them that repayment is due - before default can be enforced. The account can then be moved to a guaranty agency which could result in the process being accelerated and the full amount of student loan debt becoming immediately payable.

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