Most student loans offer lower interest rates, deferred payment options and a repayment grace period following graduation than the federal government’s, most students struggle to learn how to pay off student loans so the last option really helps. The federal government offers six years of repayment (for those in public service) and seven years of repayment (for those not in public service), while many student loans have lower rates and the forgiveness option.

It is important to note that not all student loans have the same repayment options or are offered at the same interest rates.

If you are in a public service job and don’t qualify for student loan forgiveness, you can file for bankruptcy to get out of paying back your loans. You can file for bankruptcy in several ways. You can file for Chapter 7 Bankruptcy. The bankruptcy process removes the burden of student loans from your credit file. In Chapter 7, your student loans will be discharged.

You can file for Chapter 13 Bankruptcy. In Chapter 13, student loans will be discharged.

You can file for Chapter 13 Bankruptcy if you cannot afford your student loans. You must make a good-faith effort to pay your student loans.

Can I file for bankruptcy for my student loans?

Yes. You can file for Chapter 7 Bankruptcy if you can’t afford your student loans.

Chapter 7 can help if you can’t pay your student loans. In Chapter 7, your student loans will be discharged. You can file for Chapter 13 Bankruptcy. In Chapter 13, student loans will be discharged. You can file for Chapter 13 Bankruptcy if you cannot afford your student loans. Chapter 7 can help if you can’t pay your student loans.

Apply for a loan forgiveness program.

A loan forgiveness program helps borrowers who have been unable to make payments due to unemployment, medical expenses or other unforeseen circumstances.

The U.S. government pays a portion of a borrower’s repayment when he or she reaches certain income thresholds. The amount paid by the government for this debt is called Income-Based Repayment.

Borrowers with income above the federal income-based repayment threshold can receive payments based on their AGI plus 25 percent of the first $1,500 of their discretionary income, or 15 percent of discretionary income up to $35,000. The remaining amount is paid based on 20 percent of discretionary income above $35,000 and 12 percent of discretionary income above $50,000.

With a Standard Repayment Plan, income is not a factor when deciding whether to make a loan payment. However, the payment could be higher if income were higher.

Repayment plan options, repayment schedules, and terms can vary from one lender to another. For example, while most banks and thrifts offer the Standard Repayment Plan, you might also see the Modified Repayment Plan or a Master-Debt Plan. You’ll also want to know what repayment plan your student loan servicer is using so you can be sure you are getting the best possible loan repayment plan for you.