Everyday people are struggling to pay their student loans, yet few people understand their options.
1 in 10 recent graduates defaulted on their student loans. Once in default, the student loans incurred collection fees in the amounts of 18.5% to 30% of the balance. Most of these defaults could have been avoided had the borrowers understood their options.
Understanding your Repayment Options
When you take out student loans, you should understand that you have to repay those loans at some point. However, this does not mean that you have to accept the payment plan that the lender gives you. Federal borrowers have choices, probably more than you realize. From deferment to forbearance, income-sensitive repayments to consolidation, all the way to administrative discharge of your student loans, you do not need to suffer under the burden of student loans.
Dangers of Default
If you default on your federal student loans, the government can garnish your wages, seize your tax refund, seize portions of federal benefits, and deny you eligibility for new education grants or loans. Once your loan goes into default the loan is generally transferred to a debt collector and high collection fees are charged to the account. Â Private student lenders may sue on their debt for collection.
Explore Your Options
Working together, we can put together a plan of action to help you solve your federal and private student loan problems. Whether its defending a lawsuit, getting our of default, or just learning your options. We can help resolve the issues or just get our advice- the choice is yours.
Do you need an attorney?
- Unable to afford your current payment?
- Are you receiving calls from debt collectors?
- Being threatened withÂ wage garnishment?
- Are you being threaten with social security garnishment?
- In default but not sure how to get out?
- Wondering if you qualify for a discharge?
If you answered yes to any of those questions, please contact us for help.