PDF How to Deal with Student Loan Debts: Exploring Options and Repayment Plans

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You may want to start by reading Refinancing Student Loans and Everything You Need To Know and then contacting lending institutions about refinancing to discuss deals that makes sense for you. Of course, if you are completely confused, you could consult with a student loan lawyer who knows the system well. If you are disabled and unable to work, you can apply for a total and permanent disability discharge effective for all the student loans that are in your name. Of course, you will have to prove to the Department of Education that you are permanently disabled.

See our article, Total and Permanent Disability Discharge as a starting point. Your loan servicer can help you to apply. Let Us Do the Work! Request a call back instead and we will contact you at a time you request! Your student loans are in default when you have not made payments for days about nine months. This is the point that signals to a lender that you do not intent to pay back a loan. Therefore, they will refer your case to a collection agency to take action against you. If you act quickly, you may be able to work things out with your loan servicer yourself. Even then, consulting with a student loan lawyer is not a bad idea even if you handle the bulk of the work yourself.

But if your default proceeds to a law suit or collections, you should consult with a student loan lawyer. However, you could first try talking with your loan servicer and use some of the remedies such as an Income-driven payment plans described above in the Delinquency section. Some remedies are no longer possible once you are in default. You may be able to resolve your defaulted student loans by going through a Direct Consolidation. This is the federal consolidation program which takes your loans out of default, and puts them back into good standing.

This can be done without an attorney.


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Student loan rehabilitation enables you to clear the default on a federal student loan, but you must act before the lender sues you and obtains a judgment. To rehabilitate your loans, contact your loan servicer. If you are being sued or are in collections, in most cases you will want to speak with a student loan lawyer. Often an attorney can help you see solutions you might miss before the window of opportunity for action narrows.

The 3 Best Ways To Pay Off Student Loans

Even if you decide to proceed on your own, it is a good idea to consult with an attorney. If you are facing wage garnishment, see Wage Garnishment: What It Is and How to Resolve It to learn how to prevent wage garnishment and how to stop it. You are not required to use an attorney when you file for a Chapter 7 or a Chapter 13 bankruptcy , but it is highly recommended, particularly if you would like to get your student loans discharged for undue hardship under Chapter 7. Some debts, such as credit card debts, are automatically discharged in a Chapter 7 bankruptcy.

However, student loan debt is not automatically discharged.


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This means you must file a lawsuit against your student loan holder in an adversary proceeding as part of the bankruptcy process and present evidence and witnesses. Student loan lawyers who are experienced in bankruptcy understand the process and the evidence you must show for undue hardship in your particular jurisdiction, so it is wise to use an attorney for a Chapter 7 bankruptcy.

If you feel it is not possible for you to hire an attorney for your bankruptcy, you can still try to show undue hardship on your own, but you may want to at least have a consultation with a student loan lawyer. If you are unsure whether or not you should file a Chapter 7 or a Chapter 13 bankruptcy, a student loan attorney with bankruptcy experience can analyze what is best for your situation even if you want to then proceed on your own.

If you are having so much trouble repaying your student loans that you have become embroiled in legal such as bankruptcy, lawsuits or collections, it is usually wise to hire or at the very least consult with a student loan attorney. If you are not at that stage and are merely exploring avenues to make your student loan payments more affordable, you may want to speak with your loan servicer first to explore your options.

If you are in doubt and confused about how to begin, you can always consult with a student loan lawyer, so they can help you lay out a path, but your student loan servicer should be able to offer you guidance for free. The National Association of Consumer Advocates is a good resource for finding a lawyer who can plan your defense or you can check out lawhelp.

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American Education Services - Repayment Plans

All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. It not only reduces your principal, but it also reduces the amount of interest that accrues on your unsubsidized loans and eventually capitalizes.

How your payments are applied depends on a number of factors, but in most cases, payments are applied first to any accrued interest and fees, then to your principal balance. Learn how your payments are applied to your loans while you're still in school. Auto Pay automatically withdraws your student loan payment from your checking or savings account on a specific date, and can help you save in a few different ways.

First, you can sign up for Auto Pay while you're still in school, which will help you get a head start on your payments and save money in the long run. Once you enter repayment, you can receive an interest rate reduction of. You may qualify for a benefit from your other lenders as well, so be sure to check with them.

MedLoans® Organizer and Calculator (MLOC)

This reduces the total amount that you pay over time. Finally, signing up for Auto Pay also means you won't miss any payments! When you're paying off your student loan, every little bit helps. If you can, pay more than your scheduled monthly payment when you're in repayment. The more money you're able to put toward your principal, the faster you'll pay off your loan—and the less you'll pay in the end.

Should You Hire a Student Loan Lawyer?

Sign up for account access on mygreatlakes. Our website is a great place to:. Do you have questions or want to give us some feedback? Log in , and visit our Contact Us page to contact a representative or to send us your thoughts. We know there's a lot of information to take in when it comes to your student loans. Practice smart borrowing Understand interest and capitalization Save money by making payments while you're in school Use Auto Pay and save money Pay more than your scheduled monthly payment Stay connected to help reduce what you owe.

Practice Smart Borrowing. The U. Department of Education can help you understand college costs and explore options for lowering them. The exit counseling tool can help you plan your school expenses for the year and estimate your projected student loan balance against your future monthly income. Keep in mind, the lower the monthly payment, the longer it may take to repay the debt.

Common Questions About Income-Based Repayment

More time in repayment allows for more interest to accrue, which can result in higher total cost; however, borrowers can always choose to make larger payments, without a penalty, and can ultimately determine the length of time they take to pay off their loans. Ultimately, you are in control of how to repay your student loans, and to a degree, how much it costs to repay your debt. Student Loans and Repayment Strategies. Sign In. Choosing a Medical Career. Medical Careers. Medical School Careers in Medical Research.

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