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What You Should Know about Student Loan Hardship in 2020

Modified on October 27, 2020 at 4:45 PM

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There is no doubt that America has a massive student loan problem, as over 44 million Americans owe a U.S student loan debt of over $1.56 trillion. When I started Ascend Finance, I did not realize just how big the issue actually was. 

The main source of this problem due to the lack of financial knowledge among students in colleges. In a survey conducted by Student Loan Hero, they found out that 10% of students in colleges think that they donโ€™t need to pay their student loan debt even if they canโ€™t find a job, while 50% of survey respondents donโ€™t know that interest accrues on their federal unsubsidized loans while studying. There are definitely ways to manage your debt, but it can be difficult when you have so many different types of debt.

The sheer lack of knowledge displayed by the respondent shows the main cause of student loan hardship in students. We tried to attack this issue by building a Chapter 7 means test calculator and a Chapter 13 repayment plan calculator to help folks understand  bankruptcy when facing hardship, but a key issue is that student loans are often not discharged in bankruptcy. Many people we help have  student loans exceeding $100,000, not to mention the other debt they have.

In this article, weโ€™ll cover all these basics you should know about student loan hardships and the solution that can help. When you make use of our solutions, youโ€™ll be more informed and equipped in deciding the option that best suits you. And itโ€™ll open your eyes to the opportunities that abound. 

What are student loans? 

Going to college is a pretty expensive endeavor, and the cost of going there keeps rising daily. The ultimate aim of creating a student loan is to assist students that cannot provide room, tuition fees, and books for themselves. 

However, student loans can be classified into three different types which are: 

1) Federal Student Loans

A federal student loan is a loan given by the federal government for students to purchase academic materials and pay for necessary fees. It is the government that determines the amount and interest rate. Students that want to apply for a federal student loan should obtain a FAFSA form. The normal repayment plan for a student loan is within 10 years. If you want to have an idea of what your monthly payment will be, then you should use the US Department of Educationโ€™s calculator. If gotten, federal student loans provide more relief than private student loans. 

Unsubsidized vs. Subsidized Federal Loans 

You can further separate federal loans into two distinct types, they are: unsubsidized or subsidized. The government gives subsidized federal loans for financial reasons, while it gives unsubsidized federal loans to the government for settling additional college expenses. It is essential to understand this distinction because it will determine your interest rate and your repayment plan. 

2) Federal Parent Loans 

Although you may be confused at first, these types of loans are exactly as their name depicts. The federal parent loan is also called PLUS loan, and they are loans given to parents of dependent students. Parents who want this loan have to apply for them, this type of loan has an interest rate that is fixed at 7.9% 

3) Private Student Loans

Private student loans are quite easy to get and pretty straightforward. This is loans given by credit unions or banks for the education of college and graduate students. These loans ainโ€™t connected in any way to the college or the federal government, theyโ€™re simply a deal between the credit union or bank and the individual getting the loan, 

Each of these loan types has a different repayment plan. However, what most people are clueless about is the consequence of not keeping to the repayment plan. 

Student Loan Hardship 

This is a technical term given to a situation where the debtor is behind on fulfilling his/her debt obligation to the creditor. There are lots of consequences for not paying your debts as planned. There will be a default on a student loan if you donโ€™t make payments on the loan within 270 days. In a situation where this happens, then the consequence is that you wonโ€™t be able to apply for another student loan and may face the law. 

However, you may apply for some debt relief if youโ€™re facing a lot of hardship. Here are the steps to take if you find yourself in a situation where youโ€™re unable to meet up with payments. 

Contact Lender 

The very first step that you should take is to contact your lender and explain the situation of things to them. Your lender will in turn give you the options at your disposal. 

Find a short term solution 

You may find it challenging to make enough money for your payment after college. As such, you should find a short term solution to your problem. Here are some solutions that help. 

1) Deferment 

When you defer a loan, a stop is temporarily placed on your loan payments for a specific periodโ€”this can be as much as five years. You can only defer a subsidized loan. And within this period, you wonโ€™t be asked to pay interest that would normally have accrued on the loan. Some acceptable reasons for deferment are disability, medical reasons, childbirth, and unemployment. 

2) Forbearance

This is pretty similar to deferment, except that it only applies to individuals that have unsubsidized loans. It means that youโ€™ll still be responsible for paying any interest that accrues during this period. Read here to acquaint yourself with more knowledge about forbearance and deferment.

Find a long term solution 

A longer term solution may be 1) Income Driven Repayment Plan (IBR), 2) Student Loan Forgiveness and 3) Filing for bankruptcy. Although bankruptcy may not wipe out any student loan debt, it may help resolve other debt to payoff your student loan debt 4) A debt payoff app that can help prioritize debts to eliminate debts one by one. 5) Setting debt. Just be wary about debt settlement companies. Look for sources and reviews (ex: National Debt Relief reddit) that can give you different opinions to help you choose whether this is actually a reasonable option.

Conclusion: 

Student loan hardship is a realization for many American that are suffering due to COVID and having debt that is too much to afford. You have options to get out of debt, so you should explore as many options as you can to get relief.

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Posted By The Fashionable Housewife
on October 27, 2020 at 4:45 PM
Filed Under: Back To School, Finances
Tagged With: college debt, college students, debt, debt relief, government, loans, student loan

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

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Work from home? You need @flexispot_official The Work from home? You need @flexispot_official 

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The bins hold a surprising amount and I love how solid and sturdy this is. Perfect for organizing toys at kid eye level. Itโ€™s also great for seasonal home decor! ๐Ÿคญ๐Ÿ๐Ÿ‚

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This is what our homeschool looks like sometimes. This is what our homeschool looks like sometimes. ๐Ÿฅณ

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This kid blows me away daily and makes me so proud to be his mom. I donโ€™t have enough words to describe how much I love this child. ๐Ÿ˜ญ

Drop a comment and wish this boy a happy birthday! ๐ŸŽ‰๐ŸŽ‚ 

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Work from home? You need @flexispot_official The Work from home? You need @flexispot_official 

Their standing desk and exercise chair is a GAME CHANGER!! ๐Ÿ™Œ๐Ÿป๐Ÿ™Œ๐Ÿป

Whether you have a laptop or a desktop pc, being able to adjust your desk at the push of a button and stand for a while is absolutely essential to working long hours at a computer. 

This bicycle chair is designed specifically for this desk and a great way to keep your body moving. You could also use an under desk treadmill like @superun_fitness for even more flexibility! ๐Ÿ’ƒ๐Ÿผ

Just because you have to work at a desk all day doesnโ€™t mean you need to be out of shape. ๐Ÿ’ช๐Ÿป๐Ÿ‹๐Ÿผโ€โ™€๏ธ๐Ÿคธ๐Ÿปโ€โ™€๏ธ

Motherhood and working from home is hard. FLEXISPOT makes it easier. 

Check out my blog and search โ€œFLEXISPOTโ€ for more info!!

Comment and tell me how many hours a day you spend sitting! Be honest! ๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป

#motherhood #motherhoodunplugged #workfromhome #athomeworkouts #athomefitness #fitmoms #fitmomsofig
If putting up your Christmas tree brings you joy, If putting up your Christmas tree brings you joy, go for it!! 

Our new @kingofchristmas 7.5' Queen Flockยฎ Artificial Christmas Tree is absolutely amazing! ๐Ÿ™Œ๐Ÿป๐Ÿ™Œ๐Ÿป

The kids couldnโ€™t be happier so I have no regrets putting our tree up before Thanksgiving. ๐Ÿ˜‚๐Ÿ’๐Ÿผโ€โ™€๏ธ

Follow my shop @fashionablewife on the @shop.LTK app to shop this post and get my exclusive app-only content!

#liketkit #LTKSeasonal #LTKHolidaySale #LTKHoliday #kingofchristmas 
@shop.ltk
https://liketk.it/4n9gW
Loving our new 5 bin storage unit for the playroom Loving our new 5 bin storage unit for the playroom from @guidecraft_official !!

The bins hold a surprising amount and I love how solid and sturdy this is. Perfect for organizing toys at kid eye level. Itโ€™s also great for seasonal home decor! ๐Ÿคญ๐Ÿ๐Ÿ‚

Whatโ€™s your favorite piece of furniture in your house?! 

Tell me in the comments! ๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป

#homedecor #momlife #homeorganization #playroomorganization #playroomdecor #homedecorideas #fallhomedecor
An often-overlooked element to planning your perfe An often-overlooked element to planning your perfect hiking outfit is finding the perfectย minimalist backpack! 

You donโ€™t want to be weighed down by an oversized, clunky backpack that boasts all the bells and whistles but delivers nothing more than unnecessary muscle strain. You want a backpack that is minimal on the outside, functional on the inside, and sustainable all around. Waxed canvas is always a top choice for me!

Iโ€™m obsessed with this backpack from @hellodayowls ๐Ÿ˜

It has that perfect boho minimalist look that I love, in the perfect color for fall. This has become my go-to handbag for autumn. 

Perfect for all our outdoor adventures, hiking in the mountains, exploring the woods with my kids, and everything motherhood throws at me! ๐Ÿฅพ ๐Ÿง—๐Ÿผโ€โ™€๏ธ ๐ŸŒฒ 

Learn more about this bag on my blog ๐Ÿซถ๐Ÿป

#backpacking #outdoorfashion #wildandfreemama #mountainmama #motherhoodjourney #minimalfashion
I miss summer already ๐Ÿ˜ญ Take me back to a bett I miss summer already ๐Ÿ˜ญ

Take me back to a better place ๐Ÿ‘‰๐Ÿป summer time at @storylandnh !! ๐Ÿฅณ๐Ÿฅณ๐Ÿฅณ๐Ÿฅณ

Canโ€™t wait to go again next year! ๐Ÿ™Œ๐Ÿปโœจ๐Ÿคธ๐Ÿปโ€โ™€๏ธ

#summertime #familytime #familyadventures #motherhoodunplugged #childhoodunplugged
What they remember about their childhood is in you What they remember about their childhood is in your hands ๐Ÿซถ๐Ÿป

#motherhood #motherhoodrising #motherhoodunplugged #motherhoodthroughinstagram #motherhoodintheraw
This is what our homeschool looks like sometimes. This is what our homeschool looks like sometimes. ๐Ÿฅณ

Canโ€™t believe my oldest son is 13 and outside helping dad do home projects like building a new deck. ๐Ÿคฏ Seems like yesterday he was in his walker on this back deck and it looked a lot better ๐Ÿ˜‚

Thankful that @homedepot has great prices so we could finally afford to do this home reno project! ๐Ÿ’ช๐Ÿป๐ŸŽ‰

#motherhood #motherhoodunplugged #hereisourhomeschool #motherhoodthroughinstagram
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