Take Control of Your Student Loan Debt
If you are like most Chicagoland students, you needed Federal student loans to help pay for your college education. At the time, the plan was that you’d graduate and get a job that allowed you to pay off your loans. Maybe college graduation came and went or perhaps you needed to leave the program and get a job. Regardless of your situation, when the bills started arriving, you realized you couldn’t afford the payments.
If you’re making the payments automatically assigned by your servicer, there may not be anything left for the down payment on a mortgage or a car. Thankfully, there are options that can help you handle overwhelming student loan debt. We can analyze your case and show you which alternatives can help you the most.
Repaying Federal Student Loans
Your first student loan payment is due six months from when you leave school, whether you graduate or leave the program. If you don’t talk with your student loan servicer at least 45 days before the first payment is due, you are on the standard repayment plan. It takes the sum of your student loans and interest, then divides it into 120 installments (10 years). To give you an idea of what this looks like, if your loans are $60,000, payments will be about $515 a month, depending on interest rates.
If you are unemployed, underemployed or have significant other debt, such as medical bills, this type of payment may not be realistic.
Repayment Plans
Would reducing your monthly student loan payments help? We can get you moved to one of the repayment plans that could lower the amount you have to pay each month, giving you some much needed breathing room. Student loan repayment options include:
- Income-Based Repayment Plan (IBR)
- Income-Contingent Repayment Plan (ICR)
- Income-Sensitive Repayment Plan
- Extended Repayment Plan
- Pay as You Earn Repayment Plan (PAYE)
- Revised Pay as You Earn Repayment Plan (REPAYE)
- Graduated Repayment Plan
Each plan has pros and cons. The one that’s right for you depends on your situation and goals. Contact us today and take back control of your finances.
There are repayment assistance programs that you could qualify for, depending on your career, such as teachers, nurses, doctors, lawyers and members of the military.
Consolidation
If you took out loans for several different semesters of school, chances are, they each have a different interest rate. This means you may be making multiple monthly student loan payments. A direct consolidation loan combines all of your federal educational loans into one payment.
Benefits include:
- Giving you more time to pay off the loans
- Simplifying your monthly payment requirements
- Switching to fixed rate interests instead of variable
- Allowing you to qualify for repayment plans and forgiveness programs
There are 20 different types of student loans that you can consolidate, including nursing student loans, parent loans for undergraduate students and Direct PLUS loans.
Rehabilitation
If you couldn’t make the required monthly installments, you may have stopped making payments altogether. You have one opportunity to get back on track through rehabilitation. We can work with the servicer and negotiate on your behalf. Once the loans are out of default, we can consolidate your loans if needed and get you into a repayment plan that can relieve some of the financial pressure you are experiencing and allow you to take back control of your finances.
Despite what you may have heard, there are certain circumstances in which bankruptcy can wipe out student loan debt. The requirements are very strict, but if you qualify, we can help you file for Chapter 7 bankruptcy and include your federal student loans. This can help you reclaim financial stability and move forward with the rest of your life.
Contact Benjamin Brand Today
Student loan law is a specialized niche, with complex requirements. We have the training and experience to help Chicago residents reduce their financial burden and get back on track, so contact us today!
Why Choose Us?
- You can meet with an experienced law Partner in the Firm not some associate.
- We concentrate in foreclosure defense and bankruptcy so we have more options to offer you then other attorneys
- We also represent individuals in Chapter 11's that offer better loan workout and restructuring options then Chapter 13 and most bankruptcy lawyers do not know how to do it.
- We offer a free no obligation consultation where we will discuss your option or options, tell you the pros and cons of each one, the fees and costs and help you make an informed decision. There can be more then one solution!
- We offer affordable payment plans and fixed fees in most cases.
- We have the specialized knowledge to incorporate your student loan debt into your bankruptcy protection
