Student Loans

Many Americans face substantial student loan debt.   Currently there is approximately 1 Trillion dollars in outstanding student loan debt with 37 million Americans owing for their education.   15 percent of all of the loans are in default.   The worst part is that many people do not know any solutions to handle this difficult problem.    Some just ignore it, some hope that “they” will never catch up with them. However, the outstanding debt can affect you in many different ways.     From your credit, to loss of wages to eligibility for employment. Default of your student loans may result in collection activity and additional collection charges as much as 25% of your loan.

The Law Offices of Robert M. Geller, P.A. can assist with your problems and help with real solutions.  Attorneys Robert M. Geller and Frank T. Papa have been trained in assisting you with your student loan problems.   They attended a National Workshop dealing exclusively with student loans and regularly attend National Seminars which include dealing with the Student Loan crisis. If you are in default with your loans, we can assist you in getting out of default.   Some people have wage garnishments, social security offsets and income tax seizures. You can be sued and a judgment entered against you. We may be able to help stop this form of collection action.   If your credit is affected by your student loans, we can assist you with improving your credit.   Most importantly we may be able to get you in a repayment plan which you can afford.   Further , there are other solutions available for some, such as obtaining a complete loan foregiveness without repayment.

Types of Student Loans

1. Federal Student Loans:   Generally these loans are most manageable and we can offer the most solutions for you.   These Student loans are actually issued by the Federal Government through the Department of Education.   Many people do not realize that they have Federal loans because they are dealing with a middle man called a servicer.   Let the Law Offices of Robert M. Geller, P.A. assist you with determining whether you have Federal Student Loans. Additionally, there are websites which may assist you with determining whether your student loans are federal or simply ask the person who is calling you about your loan.
2. Private Student Loans.   These loans are generally issued by a bank or a private financial institution.   If there is a default, a guarantor pays the financial institution.   Although more difficult to manage, there are still solutions the Law Offices of Robert M. Geller, P.A. may be able to offer you.
3. Loans issued by your state.   There still may be programs available in your state to deal with your loans.  

Your Loan Time Line

After you leave your educational facility or are no longer what is characterized as a full time student, your repayment clock may begin.   Generally, you have a grace period to start to repay your loans no more than 9 months later and in some instances less time. You may ask the Law Offices of Robert M. Geller, P.A. for assistance to provide you with when your loan payments are due.

What we Can Do About Your Loan Problems

1. Discharges and Foregiveness In certain instances you may be able to completely get rid of your Student Loans.   Examples include Public Service, Teacher, Disability, Death, Victims of 911 and closure of your educational facility.   Our firm can advise you if you qualify for this type of discharge and what is required.  
2. Default.   If you are more than 270 days delinquent in your student loan payments , you considered in default. Our law firm can guide you out of default by:
   1. Assisting with consolidation of your loans.
   2. Assisting with Rehabilitation of your loans.
3. Income based Programs.   After we get you out of default, we may be able to help you get an affordable repayment plan based on your income.   There are generally two types of income based repayment programs:
   1. Income Contingent Repayment (ICR)   This program requires a payment based on the amount of your debt and the amount of your income.   Not everyone can qualify for this program based on the types of loans they have.
   2. Income Based Repayment (IBR)   This program is based on your income only.   Again not everyone qualifies for this type of repayment plan based on the types of loans they have.   One nice part of this program is that If you are unemployed while under the payment plan, your payment may be reduced to as low as zero until re-employed.
   3. Negotiating a settlement your loans
   4. Defending a lawsuit filed against you by your lender.