It has been calculated that the total amount of student loan debt in America is well over $1 trillion and it only continues to rise. Students often sign loan contracts without fully understanding the fine details, or without being given a chance to read the contract from front to back. Some studies estimate that as much as 65% of all students with outstanding student loan debt did not completely understand the loan contract before signing it.
What you should understand now is that you are not stuck under your student loan debt. With the assistance of Wadhwani & Shanfeld and our Sherman Oaks debt settlement lawyers, you may be able to manage your student loan debt easier than you think. It is true that student loan debt is not dischargeable, but it is false to think it cannot be mitigated with creative legal solutions.
Want to know more? Contact our Sherman Oaks lawyers for a free initial consultation.
Have You Considered Forbearance & Forgiveness?
The fact that student loan debt cannot be discharged with bankruptcy – neither Chapter 7 nor Chapter 13 – misleads many college and university students into thinking it is unmovable. In reality, there are real methods to explore that can make it easier for you to pay off your debt, or to have it voluntarily taken away by the creditor or loan institution.
In particular, forbearance and forgiveness are two options that could work for your situation:
- Forbearance: A legal order of forbearance prevents creditors and collection agencies from enforcing the payment of a debt owed by a consumer or business. For student loan debt cases, forbearance can be granted to give the debtor a chance to rearrange finances or save up. It should be noted that forbearance for student debt generally persists for only 6 to 12 months. Also, the interest on student debt is allowed to continue accruing during forbearance.
- Forgiveness: The Obama Administration introduced some new provisions to laws regarding student loan debts and debt settlements. Using forgiveness, someone with student debt can potentially pay only a portion of the debt before it is considered to be paid in full. Forgiveness is sometimes up to the creditor’s discretion and only certain people are eligible. If forgiveness works, it usually involved paying off 80% of a debt before the final 20% is excused. Since the details of debt forgiveness are intricate and vary from case to case, work with our Sherman Oaks debt relief attorneys to eliminate guesswork.
Student Debt Relief Could Be a Call Away – (800) 996-9932
Wadhwani & Shanfeld is committed to taking care of our clients and doing all we can to guide them to a more comfortable tomorrow thanks to mitigated student loan debt. Creditors and financial institutions may make it seem like you have no options, but our Sherman Oaks debt relief attorneys are here to dispel those myths. With us by your side, you could be utilizing a smart plan to control your student debt much sooner than you previously thought possible.
Contact our law firm to schedule a free case evaluation.