Many clients who come into my office feel that there is simply nothing they can do about their student loan debt. They have been in endless forbearance or deferment agreements but these are not long term solutions to their debt. In fact, this may only increase their debt and make it more unmanageable. If they are delinquent, they have simply come to believe that there is no solution or that they can be be pursued for this debt for the rest of their lives.
Well, believe it or not, if you have federal loans (FFEL loans, direct loans, department of education loans) there are many repayment options. If you are also in a profession that would lead you to being eligible for loan forgiveness, it is imperative you enter into the right loan repayment option or you may find that after 10 years of payments, you are not eligible for loan forgiveness after all. Federal loans are serviced by a variety of different companies with Sallie Mae, Nelnet, ACS. MOEHLA, FedLoan Servicing (PHEAA) being some of the most common servicers. Regardless of who your loan servicer is, if you have a federal loan, you have options and I can help you understand what they are.
For individuals whose trouble with their student loans is more advanced and they are in default, there are also solutions available even though the problem is more complex at this stage. It is possible for you to get out of default, to "cure" your default and obtain a reasonable payment arrangement. If you are experiencing problems repaying your federal student loans, if you have suffered wage garnishment or your tax refunds are being taken every year, I can help you get out of default and take control of your loan debt.
Finally, for individuals who feel their federal student loans are such a hardship that bankruptcy may be their only option, case law is changing and a hardship discharge may be an option depending on your circumstances. I offer free consultations and can help you determine if this is an option that may be available to you.
For a discussion on private student loans, look for a future post that will discuss settlement, defense and bankruptcy hardship discharge of your private loans- yes, it is possible!Questions or interested in a free consultation about your case? Email Natasha Meruelo, Esq. at email@example.com or call me at (914) 752-5098. The first consultation is always free.
Natasha Meruelo, Esq. is located at 445 Hamilton Avenue, Suite 1102, White Plains, NY 10601.