Private and federal student loans can be used to pay for your college education. In many cases, these loans don’t have to be repaid until you finish your degree or are no longer attending college. The thought is that within six months of your graduation or exodus from college, you will have a good job and can afford to make payments on your loan. However, these are times when you should consider hiring a student loan attorney.
Your Institution Lied To You
You should contact a student loan lawyer Columbia MD if your institution lied to you about your ability to find a job after graduation. If your college program did not give you the skills necessary to do the job you trained for, your debt may be discharged. In addition, if there is not a market for the skills and knowledge you gained, you may be eligible for a reduction or discharge of your student loan debt. A student loan attorney can guide you through this process.
You Did Not Make Your Payments
If you don’t make your student loan payments, you may end up in collections. This means that a debt collector purchases or works with your lender to collect the loan. Sometimes, the tactics used by these companies can be aggressive, resulting in harassment.
If you default on your loans, your lender can take legal action against you, which may result in wage garnishment. You may also be required to surrender or sell your assets to pay off your loans. Federal loans offer you some flexibility, but private loans held by private institutions don’t typically offer many options. Fortunately, a student loan lawyer can help you negotiate with your lenders and represent you in court.
When You File for Bankruptcy
Bankruptcies can be used to reduce your debt if you are having difficulty paying it. However, these legal processes have very strict conditions, and most of the time, student loans are not typically discharged during the bankruptcy process.
Student loans can result in a precarious future financial position. If you have difficulty paying your loans, do your due diligence and find a student loan attorney who can help you.
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