Student Loan Lawyer Nashville TN
Relief From Student Loans
While the cost of attending college is widely considered a wise investment, the harsh truth is that student loan debt will play a role in your life at some point after graduation. This debt is a large burden on your life and most people aren’t aware that there are options available to help lower both the interest and the principal on your student loan.
The attorneys at Atwood & McVay are student loan law specialists that will work with you to understand your specific situation and take steps to solve your issues.
Who Can We Help?
At Atwood & McVay, we look for individuals whose lives are being negatively impacted by the presence of loan debt. Life can be stressful without the constant reminder of loan issues.
We are here to provide consultation and action to help resolve your situation and leave you with more manageable payments.
If you are not sure if our services could help your situation, ask yourself the following questions:
- Am I receiving harassing phone calls from collectors?
- Am I being threatened with wage garnishment?
- Am I in default but unsure of how I can get out?
- Am I currently being sued over a student loan?
- Am I not able to afford my current minimum payment?
- Am I able to qualify for a discharge?
If you answered “yes” to any of these questions, contact us immediately to schedule a consultation so we can start helping with your student loan today.
How Can We Help?
At Atwood & McVay, we begin with a student loan consultation to learn about your specific situation. Once we have learned everything we need to know about your issues, we can begin explaining the steps we will take to remedy your current position, in plain English.
We will contact the appropriate parties to learn even more about the state of your loan debt so that we can put together a complete and thorough plan to ease the burden of your student loan debt.
Depending on your specific situation, we will work to help in the following ways:
- Stop the harassing phone calls from collectors
- Prevent wage garnishment and tax refund offsets
- Provide legal defense in student loan lawsuits
- Get out of default on student loans
- Lower the interest and monthly payments
- Lower or eliminate collection fees
- Help qualify for student loan forgiveness
What It Means to Default On Your Student Loan
Paying back a student loan requires regular payments that must be made on time, much like any other loan. If payments are not made on time, a student loan will go into default. When you miss a payment on your student loan, the loan in question will immediately be considered “delinquent.” After nine months of delinquency, a student loan will go into default, meaning you can expect government action.
Consequences of Defaulting On Your Student Loan
If someone defaults on a student loan, they stand to face very severe consequences. The Department of Education can take certain actions to recover the money owed to the loan, meaning government action is inevitable. Some ways the Department of Education can go about collecting money are:
- Confiscating Your Federal Taxing Return – This is a very common method that the government uses to collect money on defaulted loans. The IRS will automatically apply your tax refund to the defaulted student loan only if an appeal is not filed by the borrower.
- Wage Garnishment – The Department of Education is allowed to garnish up to 15% of a borrower’s disposable income to repay a defaulted loan.
- Loss of Federal Benefits – A certain amount of Social Security retirement and disability benefits may be taken by the government to be put towards repaying a defaulted student loan. This amount can not exceed 15% of the amount the borrow is receiving in federal benefits.
- Rescind Professional Licenses – In certain states, some professional boards are allowed to revoke or suspend a member’s license who has a student loan in default.
How to Avoid Defaulting On Your Student Loan
The best way to stay out of default and avoid delinquency is to make any and all payments on time and in-full. This isn’t always possible for a number of reasons, however. A lot of external factors and unforeseen circumstances can inhibit your ability to make a payment on time. If you fear your student loan is in danger of going into default, you should contact your loan provider immediately.
It helps to have good records and track all payments you have made in the past. There are assistance programs to help those who have student loans that are already considered delinquent. The best plan is to stay on top of your situation to minimize surprises.
Do You Need Help Understanding Your Student Loan?
Student loans are not the easiest loan to understand. If you need any assistance understanding your student loan or need help finding, contact the student loan lawyers at Atwood and McVay right away. We will walk you through your situation and explain every detail in terms that you can understand.
If you have found yourself under the stress of student loan debt, contact the attorneys at Atwood & McVay to find a solution today.
Student Loan Lawyer Nashville