How to Repay Federal Student Loans?
Often times, the obligation to pay back federal student loans feels a lot like a ball and chain. Getting through college and achieving graduate status is usually the number one priority on a student’s mind while attending school. Once graduation day arrives and the degree is put in the hand of that diligent student, it is like a weight taken off their shoulders. The last thing on the graduate’s mind is the amount of money owed for repaying a student loan.
Each and every year millions of students in the United States graduate from college and begin their search for employment. In the past, finding a job following graduation was not a difficult task. Often times, an internship would turn into a permanent position or a list of hungry employers would be standing by anxiously waiting to give a chance to a recent college graduate.
Today, finding a job in a depressed economy has become more like climbing a tall mountain for these newbies entering into the workforce. Not only are graduates in competition with other new graduates, but they are also often competing with experienced professionals (quite possibly their own parents and/or grandparents).
Regardless of whether or not a recent graduate finds work within six months following graduation, the first school loan repayment is due. Too many borrowers ignore their initial loan payment date in hopes that the student loans and debt will simply just go away. However, ignoring college school loan debt is by far the worst thing to do.
The cycle of an unpaid student loan is literally an ugly circle that begins with a borrower stopping payments. Before long, the loan goes into default status, which will negatively affect the person’s credit rating worse than most other financial obligations and cannot be dismissed by filing bankruptcy.
Within approximately 9 months or less, the default student borrower will be notified in writing of a potential wage garnishment. The wage garnishment process happens very quickly (typically within 30 days) and no court order is required to begin deducting wages from a paycheck. Now the circumstances have gone from financially disabling to downright embarrassing.
Borrowers who owe on default student loans, but never graduated college are another sector of debtor who go about dealing with student loan debt incorrectly. No matter if a person accepts a private or federal loan and whether or not the higher education program is completed, all student loans MUST be paid back.
Assistance with Student Loan Repayment
There are a variety of helpful default student loan assistance programs to help borrowers get out of default and/or stop wage garnishment. The task of finding a student loan refinance program to match a borrower’s particular circumstances takes some work and know-how. Without experience and familiarity with the student loan repayment process, restructuring loans often times becomes overwhelming for the debtor. Consequentially, borrowers tend to instead bury their heads in the sand in hopes the nightmare will just go away.
Our in-house student loan refinance consultants are experienced and knowledgeable at assisting student loan debtors to completely restructure their student loans. We specialize in stopping or preventing student loan defaults. For borrowers who have already exceeded default status and are now dealing with the threat or reality of wage garnishments, we can assist you too.
How Does Canty & Associates Student Loans Legal Help Department Assist Clients?
- Stops or Prevents Defaults
- Stops or Prevents Wage Garnishments
- Reduces Monthly Payments
- Extends Loan Terms
- Assists with Deferments or Forbearances
- Researches & Processes Loan Forgiveness Eligibility
- Researches & Processes Loan Discharge Eligibility
- Improves Credit Ratings
Canty & Associates provides helpful student loan legal help for borrowers. We make the process of refinancing student loans, stopping garnishments and defaults hassle free for clients. The process of refinancing existing loans in an effort to stop a garnishment or default typically takes between four to six weeks. For a FREE consultation, call us today at (855) 347-3001, or simply send your request here online with our easy submission form.