Default rates for education loans are at an all-time high. If you, like your other neighbors in Michigan, are behind on your payments, there is hope. Student loan debt isn’t automatically discharged in a bankruptcy; however, each and every case is different. A discharge from student loan debt is not easy, but it’s not impossible with a student loan lawyer at your side. Dealing with student loans can be simplified with the help of your Michigan student loan lawyer.
Contact your lender as soon as you fall behind
One of the most important things to do is contact your lender immediately once you fall behind. Stopping payments entirely might seem like the obvious option, but it’s also the worst one. There are other solutions that may help. For example, in some case you are able to suspend your monthly payments temporarily due to events such as job loss or an unexpected illness. This can be done through either a deferment or forbearance. There are also other payment plans that might be available to you, such as an income-sensitive plan, which is based on your current income.
Consolidation may be an option
Another possible option is to consolidate your student loans, meaning that you can combine multiple federal student loans into one. This can help you greatly reduce your monthly payment into a more affordable solution. You become eligible for consolidation when you graduate, leave school or become enrolled half-time. Before deciding to go through with this option, it’s important to look at your budget to see what you can afford.
We can help even the toughest of situations
After filing for bankruptcy, the collection calls regarding your student loans will stop, just as the other collection calls. We can also help:
- If you are being threatened with wage garnishment or litigation, we can defend you.
- If you are already in default and don’t know how to get out of it on your own.
- If you aren’t in default, but are behind on bills because you can’t afford your minimum monthly payment.
It’s time that you put yourself in control of the situation because there is light at the end of the tunnel. Don’t let the stress of your financial situation affect you negatively any longer. You won’t know the right option for you unless you speak with a professional and experienced Student loan attorney who understands.
Give our Michigan Student Loan Lawyers a call today to set up a free, no-obligation consultation. Take the initiative and don’t delay another day. Our office can give you the resolutions you need.