Student Loan Lawyer
A student loan lawyer is available both on and
off line to help undergraduates who have defaulted on their
college contracts and need advice on what legal alternatives they
may have at their disposal for getting out of their dilemma.
Outside of bankruptcy, a legal representative may help the coed by
recommending consolidation, getting payments stretched out, or
getting the contract discharged due to disability.
Discharge is
possible if it can be proved that an undue hardship will result
(that is, if the borrower will be unable to maintain a minimum
standard of living) if the payments are made. When a convincing
case is presented by a student loan lawyer, the courts will
sometimes find a debtor can pay a portion without hardship, and
discharge the rest.
Recent bankruptcy law changes have made it more difficult for
people to file for bankruptcy, and student loans are almost never
dismissed, so the legal representative may prefer to take care of
the borrower's problems outside of bankruptcy. A student loans
lawyer will point out that college contracts are not enforceable
if the school closed before the student could finish his or her
education, or if it falsely certified the borrower was able to
benefit from its program. On the other hand, the attorney will
inform a college-age debtor that the lender has the right to
garnish 10 percent of the debtor's wages to pay back the
indebtedness, and they also have the right to intercept tax
refunds and apply them to the balance. Another problem the student
loans lawyer will point out is the inability to get any other
college contracts if one is already in default. If the only
solution seems to be bankruptcy, the attorney can help decide
which Chapter to file under, and can lead the applicant through
the legal procedures required.
An attorney can refer the scholar to various agencies that will
help with the workout and consolidation of contract, including a
schedule of payments based on income.
One such program is the
Federal Direct Student Loan Consolidation Program, where borrowers
make monthly payments based on yearly family incomes.
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Presuming
that most coeds want to repay their loans, any of those
suggestions by a student loan lawyer will help satisfy lenders.
Probably the most important service a student loans lawyer can
provide is advice before contracts are taken out so a borrower has
a realistic view of the financial picture he will face.
Too many college applicants have no idea of how to manage their
money, and a student loans lawyer could offer a presentation to
high school seniors on that topic. Parents also might want to
confer with these professionals. God wants us to handle our money
as His stewards. Zacchaeus gives us a good example for handling
money honestly, and in remembering our obligation to the Lord.
"And Zacchaeus stood, and said unto the Lord: Behold, Lord,
the half of my goods I give to the poor; and if I have taken any
thing from any man by false accusation, I restore him
fourfold" (Luke 19:8). Borrowing any kind of money is a
serious decision. As believers, we have a responsibility to
consult God first about our finances.
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