Student Debt Relief

Most people believe there is nothing that can be done to get relief from student loan debt. This is simply not true. There are a number of options available to assist student loan borrowers. Unfortunately, much of this has not been highly publicized so most borrowers are left in the dark. Also, schools tend to do a poor job of counseling and preparing students to meet demanding repayment obligations.

Call us now to learn more about your options – 480-660-DEBT(3328)!

When you call your student loan lender for assistance, there is usually more confusion and not all repayment options are sought out. You are then left frustrated and most likely seek deferment or forbearance, hardly able to make your payments, or simply cannot pay and dive right into default.

Federal Student Loans

Everyone knows that defaulting on a loan is bad, especially federal loans. Federal loans are just one of three types of student loans (Federal, Private and State). What makes a loan “Federal” is that the United States Department of Education guarantees the loan. Did you know that you will default on a federal student loan if it is 270 days late? This means the entire loan balance is now due and collectors will be involved. This is a problem because once a federal student loan is in default, the balance can increase as high as 25% and up to 15% of your disposable income can be garnished!

The sad thing about the garnishment is that the student loan lender does NOT have to file a lawsuit.

However, there is good news! Federal loans have the most options and borrower rights! With Federal Student loans you can opt for deferment and forbearance, options that allow borrowers to consolidate, pay back based on your income, rehabilitate a defaulted loan, have the student loan forgiven or have the loan administratively discharged. Again, very rarely are these optioned explained to you at any point.

CONTACT US today for a Free Consultation!