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. 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.