Studen Loan Relief

THE CONSEQUENCES OF STUDENT LOAN DEFAULT
Accounts assigned to collection typically assume an additional 20% in penalties plus interest. The collection agencies can sue you and put liens
against properties and assets. Without taking any court action, they have
the ability to garnish your wages, levy your bank accounts and seize your
tax refunds. There is no statute of limitations with student loans. This
means unpaid student loans will be collectible for the rest of your life.
They can seize Federal benefits such as Social Security & Disability. Except
for very severe hardship situations such as a permanent disability, student
loans are not dischargeable in bankruptcy. Because collection agencies can
appear to “hold all of the cards” they can be inflexible and often make
unreasonable demands to increase their profits. Debtors often struggle
unreasonably to meet their demands for fear of the steep consequences.

THE SOLUTION
Private collection agencies managing student loans must abide by Federal rules referred to as the Fair Debt Collection Practices Act (FDCPA). If you have a Retainer Agreement with an attorney, the private collection agencies are required to communicate / negotiate with your attorney and their staff. A Retainer Agreement with an FDCPA attorney who is familiar with the private collection agency guidelines and uses them will give you a huge advantage. The Law Firm will communicate with the collection agency, provide legal protection against violations of the FDCPA and in most cases put a hold on harsh collection activity until new terms are negotiated. The Law Firm will then work with the collection agency to find a reasonable solution based on your financial ability to pay. In addition to structuring an affordable payment plan, other solutions may include one or any combination of the following: Debt Rehabilitation, Waiver of Interest or Collection Fees, or a Principle Reduction of up to 10%. Collection agencies which do not abide by the FDCPA or by the rules imposed by the Department of Education face potentially steep consequences. Collection agencies often do not take individuals seriously; however, your knowledgeable attorney will represent you to enforce these rules and negotiate in your best interest.

 


DELINQUENT STUDENT LOAN FACTS
Student Loan ReliefThe amount of outstanding student loan debt in the US is approaching $763 Billion. $50 Billion is currently in default. $25 Billion has been assigned to private collection agencies.

FREE CONSULTATION
If you have one or more delinquent student loans, find out if our Student Loan Relief Program could help you. One of our friendly Debt Specialists will review your situation at no cost or obligation.

MINIMUM DEBT REQUIREMENTS
You may qualify if you have $10,000 or more in defaulted student loan debt and the debt has been placed with a private collection agency. If your debt is in default but is still with the servicer or in collections with the Department of Education, we may still have options for you.

FINANCIAL QUALIFICATIONS
You must be willing to make a reasonable payment based upon your financial situation. Your payment affordability will be determined by working with our Debt Specialist to submit a detailed Financial Analysis, and if necessary provide supporting documentation.

 

The material on this website constitutes attorney advertising and does not constitute a lawyer-client relationship or legal advice. Professional counsel should be sought before acting upon any information provided. Models portrayed are not clients or attorneys. Historical case outcomes cannot guarantee future case outcomes.