Borrowers of school loans who are thinking that bankruptcy may be their only option will need to think again. Section 528(a)(8) of the Federal Bankruptcy Code states that federal student loans are exempted from discharge during bankruptcy. There may be some provisions for discharge after the debt is 5 years old. Those considering this path need to consult a bankruptcy attorney or their state's legal services office. Also, there is also no statute of limitations on defaulted student loans.
Federal Student Loans May Be Cancelled
The good news is that there are options. The Department of Education gives several conditions that can cause a federally guaranteed student loan to be cancelled.
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