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Creative ways to resolve student loan debt

Approximately 43 million individuals have student debt in the United States, and those debts are placing a huge financial burden on our country and its citizens. What many people with student loan do not know, however, is that there are some interesting programs for ex-students that can help them abolish their debt. In order to take advantage of them, though, you first need to know what they are.

For example, right next door in New York, students who recently graduated from college and are living in the state can apply for the Get On Your Feet Loan Forgiveness Program, which pays for their student loan bills for as many as two years following graduation. To qualify, students have to earn under $50,000, have received an undergraduate degree from an in-state school, and they need to be participating in the Income Based Repayment or Pay as You Earn plan through the federal government, among some other requirements.

At this time, New York is the only state that is helping low-income college graduates like this, but hopefully Pennsylvania will follow suit with a similar program. In the meantime, Pennsylvania does have some programs for student loan assistance -- most notably one that helps legal aid lawyers and doctors. Legal aid lawyers and doctors can apply for special assistance from Pennsylvania-sponsored student loan repayment programs.

Although in most situations, student loan debt cannot be done away with through bankruptcy, there are some circumstances where the bankruptcy process can help. Also, there could be other strategies -- like those described above -- which can help Pennsylvania graduates prevent student loan creditors from nipping at their heels. By speaking with a qualified debt relief attorney, graduates can better evaluate their debt situations to determine the best and fastest ways to resolve their debt troubles.

Source: Washington Post, "These states might forgive some of your student debt," Danielle Douglas-Gabriel, Jan. 19, 2016

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