Today, a CNBC reporter Annie Nova, reports and gives an update on our Public Service Loan Forgiveness cases in Florida against Great Lakes and Navient for misrepresentations about the program. Both of these cases are seeking or will seek class action status. https://www.cnbc.com/2018/12/18/borrowers-denied-public-service-loan-forgiveness-file-lawsuits.html The number of people who’ve been financially derailed by…
In several stunning revelations, Betsy DeVos announced on November 27, 2018 in a press release that the federal government has 1.5 trillion dollars of federal student loan debt (more than credit card debt and auto loans combined). It took 42 years from 1965-2007 for the federal student loan balance to…
A recent GAO report showed just how poor of a job that the Department of Education and its various servicers are doing in communicating and explaining options to reduce student loan debt. This is the primary reason why so many people are being declined Public Service Loan Forgiveness. So I’d…
I’m still seeing a ton of misinformation out there. A perfect example of this is someone who consulted with us yesterday and granted us permission to tell her story to hep others. First, this client, we’ll call her Debbie, is a retired teacher who had $73,000 in Parent Plus loans. …
It’s difficult for laypeople (and sometimes bankruptcy attorneys) to believe there are legal options to reduce student loan debt after hearing for years that “student loans are nondischargeable in bankruptcy”. Well, this is not always true. They can be discharged – or partially discharged – and brand new payment terms…
I heard from a client today who attended one of our student loan seminars recently. Many of her colleagues in the military recently submitted their PSLF applications and are now starting to get back denials. Despite completing the ten years of payments while working full time for Uncle Sam, PSLF…
I thought I’d take a few minutes to write a follow up to Jeff Gitlen’s informative piece on consolidation of federal student loans over on LendEDU.com. As a student loan attorney, we have learned several tricks to take advantage of ways to reduce student loan debt while avoiding the traps…
I’ve been invited by the Tampa Bay Bankruptcy Bar Association to speak about student loan debt and what can be done – both inside and outside of bankruptcy. This is for the Consumer luncheon on the fifth floor of the federal courthouse if any local attorneys are interested in attending. …
When you contact your private student loan company, you likely will be told the only options are: 1) a payment amount that is much higher than you can afford, or 2) to make an interest only payment which makes no dent whatsoever on the loan balance. Stop that. Read below. …
Part II: What can people do when they have private student loan debt? Private loans don’t have any government programs like federal loans do – payments are not based upon income, there is no debt forgiveness and no protections for someone who becomes disabled and cannot work. However, they…