Student loan debt is a type of debt that is very difficult to get rid of. Not only is it challenging to have student loan debt discharged through bankruptcy, but it is also challenging to find alternative ways to eliminate or significantly reduce your student loan debt. Student loans can be overpowering even if you have steady income. In fact, the more income you earn, the more you will owe each month to pay back your student loans. This is very frustrating for many people who have other debt they have to deal with, such as credit card debt, car loans, and mortgages. Such additional debt may not be taken into consideration when you set up a repayment plan with your student loan lender.
At Ariano & Associates, PLLC, our Debt Settlement Attorneys have helped graduates find a way to eliminate or at least manage their student loan debt. Every client’s situation is different, so while one client may be able to settle student loan debt in one lump sum, others may have to find alternative ways to pay their student loan debt. Regardless of the facts of your particular situation, our Debt Settlement Attorneys have the knowledge and experience necessary to provide you with the guidance and support that you need to make the best decision possible.
Student Loans Can Follow You for Decades
It is no surprise that student loan debt lasts for decades. When you have been working for more than ten years, and you are still reminded of your education each month, you may want to consider options for eliminating your debt much more quickly than you otherwise would by continuing to make monthly payments at the lowest amount possible. Many people believe the only option is to make the payments and ignore the fact that interest is accruing at an exponential rate from month to month. However, additional options exist that may apply to your financial situation.
Options for Eliminating Student Loan Debt – Why You Need an Attorney
The United States government does enter into student loan settlement agreements for qualifying individuals. Unlike other debt settlements (such as credit cards and personal or home loans), student loan debt settlements do not always result in the debtor paying a lesser amount than is owed. Instead, the government may allow you to pay a lump sum within a fiscal year, and that lump sum may even be more than the balance that you owe. For qualifying individuals who are not able to pay a lump sum in one fiscal year, he or she may be allowed to make installment payments that must be completed during that fiscal year. Either way, the balance on the student loan debt must be satisfied within one fiscal year
If you do not qualify for having your student loan debt settled, you still have options for managing your student loan debt in a way that fits your financial situation. Such options include, but are not limited to, the following:
- Applying for income-based repayment plans so that you pay a lower amount each month that you are able to manage;
- Consolidating your student loans, as this may help to reduce your monthly payment;
- Putting your student loans in forbearance for a certain period of time until you are able to begin making payments again; and
- Seeking to discharge student loan debt through bankruptcy (for qualifying individuals).
Because your situation will be unique from another’s, you should discuss all options available with a legal professional so that your student loan debt does not continue to haunt you for years to come.
Contact the National Debt Settlement Attorneys of Ariano & Associates, PLLC Today
If you have student loan debt, you already know just how difficult it is to keep up with monthly payments. When student loan debt has simply taken over your life, it may be time to consider options for eliminating your student loan debt in a way that fits your unique financial situation. Before pursing your options, you should speak with a qualified Debt Settlement Attorney who can provide you with the information you need to make the right decision. At Ariano & Associates, PLLC, our Debt Settlement Attorneys provide nationwide services to consumers and businesses in need of assistance. With a reputation for providing excellent legal representation and customer service, Ariano & Associates, PLLC stands out from the rest. When contacting our office, you will immediately be directed to one of our Debt Settlement Attorneys. To schedule your free consultation, contact Ariano & Associates, PLLC today by calling (602)-466-9631.