Means-Testing Student Debt Cancellation is Still Costly and Regressive
Amid criticisms that student debt cancelation would be costly and regressive, the Biden Administration is apparently considering …Login Page
Bankruptcy Means Test: Student Loans Used to Obtain Dentistry Degree Not “Consumer Debts” Under Section 707(b) | ABI
The means test seeks to shepard such debtors into chapter 13 bankruptcy plans where a portion of the debt must be repaid to creditors over a three to five year …Login Page
Avoiding the Means Test if Your Student Loans Are Non-Consumer Debts
The “means test” involves as many as three steps. The first step compares your current income (focusing on your last 6 months of income) with …Login Page
Means-Testing Student Debt Relief: Big Hassle, No Results – The American Prospect
There are also indications that this forgiveness will be means-tested, with an ineligibility threshold between $125,000 and $150,000 for …Login Page
Don’t Means Test Loan Cancellation. Age Test It. – Inside Higher Ed
On the one hand, means testing makes sense, because it may make the action more … Instead, we should age test student loan debt relief.Login Page
Student debt cancellation should consider wealth, not income – Brookings Institution
… of student loan debt and draw from our own analysis to argue for debt cancellation that is not means-tested (predicated upon household …Login Page
Common Mistakes Made on the Bankruptcy Means Test – Nolo
Also, some courts have found that student loans qualify as business debt. This rule allows higher-earning individuals with student loans to “discharge” or wipe …Login Page
Biden isn’t serious about forgiving student debt. ‘Means-testing’ is a con – The Guardian
As the report points out: “People from wealthy backgrounds (and their parents) rarely use student loans to pay for college.” But setting aside …Login Page
Avoiding the Means Test: Student Loan Debt – – Barski Law Firm PLC
[I]n order to show a student loan was incurred with a profit motive, the debtor must demonstrate a tangible benefit to an existing business, or …Login Page
First Student Loan Slip Up: What to Know Before You Borrow – Financial Literacy
In order to be eligible for Chapter 7, the debtor must satisfy a means test. The court will evaluate the debtor’s income and expenses to determine if the debtor …Login Page
Common Asked Quetions
What criteria do borrowers need to meet in order to pass a student loan means test?
Borrowers typically need to demonstrate financial need in order to pass a student loan means test. This may include providing proof of income, assets, and expenses. Borrowers may also need to provide documentation of their academic progress and demonstrate that they are making satisfactory academic progress.
Are there any exceptions to the student loan means test?
Yes, there are exceptions to the student loan means test. These include students who are eligible for certain types of financial aid, such as Pell Grants or Federal Supplemental Educational Opportunity Grants, and students who are enrolled in certain types of programs, such as those offered by the military or certain public service organizations.
How does a student loan means test affect borrowing limits?
A student loan means test affects borrowing limits by determining the maximum amount of money a student can borrow based on their financial situation. It takes into account factors such as income, assets, and other financial obligations to determine the maximum amount of money a student can borrow.
What are the potential risks of failing a student loan means test?
The potential risks of failing a student loan means test include being denied the loan, being required to pay higher interest rates, and having to take out a loan with less favorable terms. Additionally, failing the means test could lead to a lower credit score, which could make it more difficult to obtain other types of loans in the future.