Trying to deal with the complexities of student loan debt takes more than just an ordinary lawyer. You need a student loan lawyer to help you. At Seymour & Associates, our student loan lawyers can analyze your loans and provide you with the knowledge and tools to understand and take control of your student loan debt. We can even help you recertify your loans on an annual basis and make sure you are in the correct forgiveness program.
Like many people, you may think you will never get out of student loan debt. But you can. And, we can show how. Many of our clients thought that too. But, payment plans are available for many qualified borrowers for ZERO dollars per month. The Government Accountability Office estimates that approximately 51% of student loan borrowers are eligible for one or more of these low payment programs but only 20% of borrowers actually apply.
Why You Should Have A Student Loan Lawyer On Your Side
Let's face it. Your servicer may be great. But, the loan servicers work for the Department of Education - not you. The job of the loan servicer is to collect the money that is owed on the student loans. They may be nice but they don’t have your best interest at heart. Even if your student loan servicer is willing to put your student loans into deferment or forbearance that is really one of the worst things you can do if you owe student loan debt. The loan servicer won’t tell you that because they want to hurry and move on to the next borrower.
Your loan servicer may also tell you that a bankruptcy would delay the collection on the student loan debt. Its true bankruptcy would delay repayment but that is not a good strategy for handling your student loan debt. Student loan debt is generally non-dischargeable in a bankruptcy. And, in any event, why would you want to delay the start of repayment when there are so many great income based repayment plans coupled with the loan forgiveness? Depending upon the size of your family, your adjusted gross income and the amount and type of your student loan debt, your payment could be Zero Dollars per month! Many of our clients enjoy student loan payments of around $30.00 per month and they are on the road to forgiveness of their loans.
An adminstrative discharge of a federal student loan is a non-bankruptcy option for certain borrowers. Do not get this confused with a bankruptcy discharge. They are in no way close to the same.
Certain borrowers may qualify for administrative discharge of their student loans. Your loan servicer may not take the time to even explore this option with you. And, let’s be honest, it’s not to their advantage to have your loans discharged (forgiven) through the various programs available. The loan servicer wants you to pay your loans. A few examples of non-bankruptcy administrative discharges are listed below:
Total and Permanent Disability Discharge
If you become permanently and totally disabled and you are unable to work and earn money, you may qualify for a non-bankruptcy administrative discharge. If your disability has lasted for sixty (60) months or is expected to last longer than sixty (60) months, you may qualify for this discharge.
Closed School Discharge
The news reports are full of more and more schools closing and students being left with no place to transfer their credits and student loans left to pay. From Corinthian Colleges to ITT Tech, schools are filing bankruptcy and leaving students wondering which way to turn. If your school closes and while you are enrolled, on an approved leave of absence or have been withdrawn for 90 days or less, you may qualify for a non-bankruptcy administrative discharge.
If you are a veteran, you may qaulify for a non-bankruptcy administrative discharge. You will need documentation from the VA showing you are 100% disabled or that you are totally disabled based on your individual unemployability rating. We thank you for your service and would welcome an opportunity to assist you in this determination.
If the borrower is deceased the loan will be discharged and the family does not have to worry about how to pay the loan. This discharge also applies to Parent-Plus loans. In the unfortunate event, the student dies or the parent, the Parent-Plus loan can be discharged. This discharge is not automatic. Documentation must be properly submitted and must be done in a timely manner. We can help you with this process should such a sad event occur in your life.
Other Administrative Discharges
The listing of administrative discharges listed above is not exhaustive. There are other discharges that may be available for borrowers of federal student loans.
At Seymour and Associates, P.C. we work for you. Our attorneys will take the time to analyze your student loan and your financial situation in light of all possible repayment programs available, as well as, the administrative discharge programs. We will then prepare written analysis of your student loan options. We will recommend a plan for you to consider. Once you have decided upon the program you feel is best for you, we will prepare all of the paperwork and represent you with the loan servicers and the Department of Education to help get you in the best possible plan.
Don’t fight through the student loan maze alone. Let the student loan attorneys at Seymour and Associates, P.C. help you discover a way to pay your loans and still afford to live! Call us today at 706-868-1968 and schedule a time for your student loan analysis. You will be glad you did!