Student loan payments are not something that you can just ignore and forget about, especially ones serviced by the government. When you graduate from college, you are given a few months grace period where you are not required to start paying your monthly loan payments. After the grace period, you must begin paying back your student loans. However, this is easier said than done sometimes. Tough financial times may happen for a variety of reasons and prevent us from paying our loans back.
When this happens, you go into what is called “default”, which means that you have failed to pay back your loan at the contractually obligated time. This may sound like no big deal, but the impacts can be significant. For example, your credit score will go down, your wages can be garnished, the government may keep your tax returns, and you may become ineligible for future student loans or forbearance. So, always pay your student loans when possible. If you are unable to meet your monthly payments, it is important to consult with a bankruptcy attorney and/or your loan servicer.
Learn More About Student Loan Default Avoidance Options Today!
Warner & Warner, PLLC is a bankruptcy attorney serving the Albany, NY area. If you are struggling to pay back your student loans, do not fret. You have options available to you to help you pay back your loans with new terms. Our attorney specializes in student loan default and forbearance. They will go over your unique circumstances and determine the appropriate remedy for you. You may be able to get your student loans forgiven, deferred, consolidated, or modified. Contact us today to learn more about how we can help you with your student loan debt!