Legally resolving your student loan debt can be very complicated. The primary reason is because every case along with the potential and desired outcomes are different for each client. The other reason is the information is fragmented. While the government has many programs available to assist student loan borrowers, selecting the correct one can be difficult. Through our representation of student loan borrowers, we’ve found in many cases, the servicer and/or collection agency fails (in violation of Federal Law) to discuss all potential with student loan borrowers. The result is student loan borrowers often end up in payment plans they cannot afford and end up back in default and obligated to pay up to 25% in collection fees.
To properly access your situation it’s important to understand where you are in collection process:
At this stage, you are current on your loan but due to your circumstances; you realize that while you are not late, you will not be able to make your next payment.
You are considered delinquent on your student loan when you have missed one payment and are 30 days late on that payment.
You are considered delinquent on your student loan when you have missed nine or more payments. The consequences of being Delinquent could result in your account being turned over to collection agency.
As stated above, servicers and debt collectors frequently do not review all of your options. Depending on your specific circumstance and after careful evaluation of your case and circumstances, we will review all of your available options with you so can make informed decision as to what is the best course of action for you.
We are familiar with all government programs and offer a variety of services to assist you in resolving your student loan debt. Below are some of the possible outcomes:
Deferment/Forbearance – Temporarily relieve you of the responsibility of making payments until your situation improves.
Consolidation – Consolidate multiple loans into a single manageable repayment plan.
Discharge – A discharge completely relieves you of the responsibility for any repayment. Essentially your student loan debt is completely forgiven.
Rehabilitation – Eliminates all negative information on your credit report which is related to your student loans.
Affordable Repayment Plan – There are alternative repayment plans available based specifically on your circumstance. Due to the complexity of these programs and the calculations involved, many collectors will just put you a “standard” 10 year repayment plan.
Sue The Collector/Servicer – If during our Case Review, we believe the servicer/collector has engaged in illegal behavior, you may be entitled to monetary damages (money) via a lawsuit against the debt collector or servicer .
Loan Forgiveness – In certain circumstances (if you meet the requirements) the entire balance of your student loan may be forgiven.
Settlement – In certain rare circumstances, you may be able to settle the balance of your student loan for something less than the full balance.
If we can help, we will ask you to fill out a questionnaire and return it uu so we complete the work on your case. Most case reviews are completed over the telephone or if you prefer, you’re welcome to come inot one our offices. The cost to resolve your case is based on the total amount of your debt and complexity of your case. We charge a flat rate fee to resolve your case (no hourly charges). Most of our clients tell us it’s the best money they ever spent as they were not aware of all their possible options. In addition to reviewing all of your options we will provide you written instructions as to next steps. For your Free Case Review click here and follow the instructions.